Uber Eats, a subsidiary of Uber Technologies Inc (NYSE: UBER), is launching a group bill and order splitting feature on its app. The feature will allow users to place a group order through the app.
If customers want to make a group order, they could invite members to join the order by selecting their contacts on the phone. Afterward, the members will get an order link through text message to allow them to choose and pay for their food.
The feature also allows users to pay for the whole bill. In this case, users can set a spending limit to ensure they don’t spend more than they are comfortable paying for. Uber will also deliver all the food at once regardless of who pays.
Uber’s performance is improving
Wall Street Reporter has relayed comments from the CEO of Uber, Dara Khosrowshahi. The CEO states that Uber’s performance is improving as travel restrictions reduce. Its delivery business has seen even more success as people incorporate delivery into their routines. Another sector that has performed well in the company is advertising. This business has surpassed expectations as it earned $225 million instead of the $100 million goals that Uber set.
Careem plans to raise $500 million
Careem, a subsidiary of Uber which deals in vehicles-for-hire businesses, hopes to raise about $500 million from investors. The company plans to use these funds to venture into services other than ride-hailing.
Uber had owned Careem since 2019 when it acquired the company for $3.1 billion. While the company has complete ownership of Careem, it still operates independently from Uber.
Careem has had discussions with ADQ, Abu Dhabi, and the Public Investment Find in Saudi Arabia. Moreover, it has sought the services of Bank of America to advise on the move. These discussions are still new; thus, the amount to be raised could change, and other investors join the initiative.
Meanwhile, Uber’s stock fell by 4% even though the company gave positive guidance. This is despite the high inflation and increase in gas prices. Moreover, the company reported that mobility has recovered. As a result, trips have recovered by about 90% and bookings by 95%. However, this positive news was not enough for investors due to the concerns with the Russian invasion of Ukraine.
