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Former Uber co-founder Travis Kalanick plans return to China with shared kitchens

CKN
minutes 2019/02/01 07:42:54
2,734
China's News, China's Financial News, Uber

Feb 01, 2019 (China Knowledge) - From Uber Technologies co-founder Travis Kalanick is considering to make a return into the Chinese market through the food and beverage services industry.

The Uber co-founder is said to be working with former Chief Operating Officer of bicycle sharing-firm Ofo, Zhang Yanqi to bring Los Angeles-based CloudKitchens which provide food and beverage business businesses with real-estate, facilities management, technology and marketing services.

CloudKitchens which operates in a similar to co-working space operators usually takes over distressed real-estate spaces and equips them with kitchen facilities to be rented out to food and beverage businesses for these restaurant owners as a low-cost way to start their own delivery-only business or expand to a new location.

Kalanick had invested USD 150 million to acquire a controlling stake in City Storage Systems which is the holding company of CloudKitchens last year, through his 10100 investment fund which he started after stepping down from Uber.

As with ride-hailing, any attempts to break into the Chinese market will also be met with fierce competition from local rivals such as Beijing-based Panda Selected and Shanghai-based Jike Alliance. These companies have also peaked in popularity following the rise of the sharing economy in China and food-delivery giants such as Meituan and Ele.me

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