Uber plans to kick off IPO in April

Uber plans to kick off IPO in April

Uber plans to kick off IPO in April

A group of investors led by SoftBank Group and Toyota is in talks to invest $1 billion or more into Uber's self-driving vehicle unit, which would value the unit at $5 billion to $10 billion, said two people familiar with the talks.

Uber, a global logistics and transportation company most recently valued at $US76 billion ($108 billion) in the private market, is seeking a valuation as high as $US120 billion, although some analysts have pegged its value closer to $US100 billion based on selected financial figures it has disclosed. Lyft, meanwhile, is looking for a market valuation between $20 billion and $25 billion after being valued at $15 billion in its most recent private funding.

The ride-hailing company could go public as early as May or June. The cash infusion would shore up one of Uber's costliest business ahead of its IPO, which is expected to happen this summer.

Both companies have been steadily increasing revenue, however, both companies are also losing billions of dollars per year as they attempt to reign in costs and make other tweaks in their quest to achieve profitability. But the company lost $US3.3 billion, excluding gains from the sale of its overseas business units in Russian Federation and Southeast Asia. The company lost $911 million. While the businesses are quite a bit different both in terms of scale and complexity, Lyft is easily the closest competitor and market equivalent to Uber.

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The transcript of Page's second day of testimony before the committee can be found here. Lisa Page's profile has skyrocketed since the start of the Trump presidency.

It could also help underscore Uber's value as the ride-hailing firm prepares for a stock market debut in which its value could top $100 billion.

Dara Khosrowshahi, chief executive officer of Uber, has previously said a culture change is a work in progress.

SoftBank's Vision Fund and Toyota Motor Corp. are part of a consortium of investors in talks to invest $1 billion in Uber's self-driving auto unit, Reuters reported on Wednesday.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.

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