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With Uber's I.P.O. Dara Khosrowshahi publishes Travis Kalanick's company



On Uber's roadshow to join institutional investors (this time there is no "home show"), Khosrowshahi has broken with Mr. Kalanick's world view that Uber is competing in a winner take-all market. Sharing riders will be a "winner-take-must" game, as Mr. Khosrowshahi says, so the people familiar with his presentation are manufacturing. His pitch casts Uber's continued losses as an attempt to defend his existing market share against his competitors while investing in Uber's future growth.

Uber tries to call this story a technology platform. Ride-hailing is only a starting point for other markets, such as bicycles and scooters, food delivery, long-distance transport ̵

1; even for flying cars. "Just as Amazon sells third-party goods, we will also offer third-party transportation services," Khosrowshahi said in an interview last year.

Uber, however, has no clear path to profit in the next year. In a few years, the risk area of ​​the registration statement is 48 out of 285 pages. Lyft, its nearest competitor, has fallen 26 percent since its March debut.

The bankers of Uber seem to internalize the doubts. After first an I.P.O. With opening margins of around $ 48 to $ 55 per share, Uber reduced expectations to around $ 44 to $ 50 a share, valued at $ 80 to $ 91 billion, much lower than originally $ 90 to $ 100 billion Dollar target range.

Khosrowshahi has distanced Uber from his founder, Mr. Kalanick remains closely associated with the company he founded. He remains on Uber's board of directors, and Mr. Khosrowshahi has shown no signs of revolving the group in the months following an IPO, as some had expected.

Mr. Kalanick's friends say he felt he was wrongly targeted by Uber's IPO paperwork and his implicit criticism of his leadership. According to the people who were informed about his thinking, Mr. Kalanick hopes that his successor will be the I.P.O. bury the ax between the two men and mark a new chapter in Uber's story. Even former opponents, such as Matt Cohler of Benchmark have, according to Axios for the participation of Mr. Kalanick pronounced.


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