File Image: Uber

CAPE TOWN - Uber has announced its Q1 results with net revenue up by 67% to R31 billion ($2.5 billion). Gross sales increased 55% to $11.3 billion. 

Adjusted EBITDA loss dropped from $597 million in last year’s quarter to $304 million, and adjusted net loss was $577 million. 

The numbers don’t include the $3 billion Q1 gain from selling its SE Asian business to Grab or its merger with Yandex in Russia.

Uber wants to sell $400 million to $600 million of stock at $40/share to existing investors Altimeter and TPG and new investor Coatue. 

The range puts valuation around $62B, up from the $48B valuation around the time of last year’s SoftBank investment. 

Yesterday it was announced that UberEats had acquired a South African restaurant technology company owned by venture capital firm Knife Capital.

The company is called orderTalk. 

This acquisition was a major step for UberEats which will be able to streamline workflows by directly integrating with leading point of sale (POS) systems. 

Knife Capital which leads a business model that sells off companies has sold orderTalk in order to secure significant returns.

“An exit is part of the standard business model for any VC. We invest with the intention to secure significant returns for our entrepreneurs and investors and trade sales are the most common way to generate such returns. The time was right 

READ MORE: UberEats bought this SA tech startup

-BUSINESS REPORT ONLINE