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Uber Technologies Inc (NYSE:UBER)’s Ousted CEO And Founder – Travis Kalanick Will Focus On Kitchens

Travis Kalanick, the founder and ousted Chief Executive Officer of Uber Technologies Inc (NYSE:UBER), will step down from the board of directors. He has sold all the shares in two months and mobilized $2.7 billion. Travis said Uber is part of his life for the past decade. It is now time for him to focus on philanthropic pursuits and current business because the company has gone public.

Working on kitchens

Considering his recent activities, Travis would be working on commercial cooking spaces that are optimized for food delivery. It is similar to WeWork of Uber. The delivery only cooking spaces are less risky and easy to operate than traditional dining establishments. They require less investment. It has gained popularity in China, but in a nascent stage in Europe and the US.

Controlling stake in City Storage Systems

Travis invested $150 million to acquire a controlling stake in City Storage Systems, a Los Angeles based entity, and the parent company of CloudKitchens in March 2018. Anyone, who is interested in getting started, needs an investment of $20,000 besides two months deposit. The tenants could use the CloudKitchen to attract customers via Grubhub and Postmates, the online ordering platforms.

According to one restauranteur – Eric Greenspan, the CloudKitchen allows creating a delivery only brand quickly. It is more flexible. One could experiment in CloudKitchen because the associated risk of failure is little. You can exit this business if it doesn’t progress as planned.

Travis to focus on China

Travis expects to experiment CloudKitchen business in China where the competition is more. A Beijing based firm – Panda Selected, which is established in 2016, has mobilized funds of $50 million in early 2019. It is a kitchen version of Uber’s WeWork and has a presence in over 120 locations.

Travis is funding the CloudKitchen from his resources. However, he has also mobilized funds of $400 million for this initiative from a sovereign wealth fund based in Saudi Arabia.

Travis readies a recipe for India

Travis is building a team to focus on India with delivery-only kitchens. The City Storage Systems is discussing with real estate developers and restaurant chains in Mumbai.

Published by Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. You may contact Brendan via his email ([email protected]) or his Google+ page (https://plus.google.com/u/0/116608759701551457422).



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