Start-up set to take on Uber

ESTONIA upstart Taxify is hoping to win over drivers and take on industry leader Uber by offering a larger share of the profit. Upstarts across the world, such as Lyft and Ola, are trying to catch Uber in the on-demand car-ride market by securing brand loyalty. But Uber has gathered critical mass and reached a valuation of over £60 billion (R984bn) in just eight years, despite a lack of profits. It has kept rivals at bay, partly by offering incentives to drivers to stay online. Taxify, a minnow compared to Uber, cannot afford these perks but believes that by taking a smaller share of fares – 15-20 percent compared to Uber’s 20-25 percent – it can steal market share from its San Franciscobased rival. – Reuters