Uber Senior Executive Rachel Holt Departs, Reveals Plans to Co-Found Venture Capital Firm

Uber’s senior exec Rachel Holt, who oversees the ride-hailing company’s bike and scooter functions as well as partnerships with community transit organizations, will step down to get started on her own endeavor.”After 8.5 unforgettable years at @Uber and greater than a half-dozen funding rounds, I’ve made a decision to position the shoe on the other foot…,” Holt, Uber’s mind of New Flexibility, tweeted on Tuesday.

Holt also tweeted she was focusing on co-founding a fresh venture capital organization in Washington D.C. Her departure comes at the same time when technology companies are revisiting their investments in shared vehicles.

German car-makers BMW AG and Daimler AG in December said they’ll exit the North American car-sharing market, citing the “volatile status of the global mobility surroundings.”Electric scooter company Lime, a San Francisco-based competition of Uber’s Hop programme, the other day said it was laying off 14 percent of its labor force and ceasing businesses in 12 markets as it seeks to be profitable

Fuelled by venture capital funding, while electric scooter companies have flooded US streets with app-based scooter rentals within the last years, none has yet switched a profit. Uber in November reported $38 million (roughly Rs. 269 crore) in third-quarter earnings from a non-core ride-hailing segment it calls “Other Bets,” the most significant portion of which includes its dockless e-bikes and e-scooters.