China’s ByteDance surpasses Uber as the most valuable Tech Startup

Uber, at $72 billion, was the most valuable startup. But now a Chinese tech startup known as ByteDance has left Uber behind and is the world’s highest value tech startup. Forbes and Bloomberg recently reported that new deals and incoming investments have raised ByteDance’s value to $78 billion.

ByteDance operates a range of digital media platforms, but it is best known for Toutiao,  its AI-based news aggregator that has become one of China’s most-used apps with over 120 million users, and short video platform TikTok,  which recently gobbled up Musical.ly which ByteDance acquired via a $1 billion acquisition last year.

ByteDance aims at going global with apps like TikTok. It already has 500 million users in TikTok. It plans to step out of China with its other platforms too. In China it has already toppled down corporate giants like Baidu, Alibaba and Tencent. Tech giants in the US have also noticed the uproar of ByteDance. Google plans on creating a Toutiao type news app for the people of China while Facebook is all set to compete with TikTok through their own app call Lasso.

This lead might be short lived because Uber is planning on going public which would take its valuation to $120 billion. If any such thing happens you know where you’ll hear the news first. That’s right, on this blog!

Uber hints at Flying Cars in Pakistan

UBER as we all know is an international “RIDE HAILING SERVICE” where people can call a cab at their door steps and reach their desired destination having a quality journey with good experience.

In Pakistan, UBER started its operation in 2017 and got a very good response from customers. Pakistani transport industry where Local Taxi drivers had a monopoly and people were not satisfied with them. They used to increase fares whenever they wanted to and sometimes had harsh behavior with customers. CAREEM came first and threatened the business of local drivers and the rest damage was done by UBER.

Now a days, UBER is planning to launch flying cars with project name Uber Elevate as they want to bring innovation in their service but important news for Pakistani customers is that UBER is planning to do test launch in Pakistan. According to UBER’S regional manager for Middle East and Africa Anthony Le Roux, The company is considering choosing Pakistan as potential market for flying cars. These cars will take vertical take-off and landing and wont need to have a long run-way.

When Le Roux was asked the reason Why they are choosing Pakistani market? He replied “ Pakistani people rapidly accepted the service our company offered ever since it launched here in 8 major cities of Pakistan.” He further added that “ In Pakistan we have more than 30,000 drivers who are using ride-sharing app and offering their services. UBER management stated that Despite facing losses in international market , Pakistani market didn’t gave us any loss so that is the main reason we are choosing Pakistan as our market for new service."