In a series of recent developments in the world of technology and business, Uber has announced the closure of its alcohol delivery service, Drizly.
Meanwhile, the online design platform Canva is set to conduct a share sale, and the AI landscape is witnessing the rise of new players challenging industry giants.
Uber axes Drizly amidst focus on core operations
Uber, the global ride-sharing and food delivery giant, has decided to shut down Drizly, an alcohol delivery service that it acquired in 2021 for a staggering $1.1 billion. According to Axios reports, Uber plans to discontinue the standalone Drizly app by the end of March.
The move signifies Uber’s strategic shift towards focusing on its core Uber Eats platform, which already offers alcohol delivery services in more than 25 countries.
The decision to close Drizly comes as a response to the evolving market dynamics, as Uber seeks to streamline its operations and enhance its position as a one-stop shop for various delivery needs.
While Drizly played a significant role in facilitating alcohol deliveries during the pandemic, it appears that the venture did not yield the expected results, prompting Uber to reevaluate its portfolio.
Canva nears $1.5 billion share sale
Canva, the popular online design platform, is on the verge of conducting a share sale worth approximately $1.5 billion. This move, reported by Bloomberg, is aimed at maintaining Canva’s impressive valuation of $26 billion.
The share sale, orchestrated by Goldman Sachs, primarily involves existing investors, including both current and former employees, and does not aim to raise new capital for the company.
Canva’s remarkable growth trajectory has been fueled by the soaring demand for its innovative AI features. The company recently exceeded its revenue target, achieving a milestone of $2 billion.
This success can be attributed to Canva’s ability to cater to a diverse user base, including smaller businesses and Generation Z, while also making significant inroads into attracting larger enterprises. Notable clients such as FedEx, Starbucks, and Zoom Video Communications have embraced Canva’s platform for their design needs.
The AI landscape sees new contender: Mistral
At the World Economic Forum, the spotlight turned to Mistral, a French AI startup that has emerged as a formidable competitor to industry giants like OpenAI and Google. Despite being in existence for just nine months, Mistral has garnered attention and admiration from top tech executives due to its exceptional AI model.
This development challenges the conventional belief that the generative AI market is dominated by a select few.
Mistral’s rapid ascent underscores the changing landscape of the AI industry, indicating that new entrants can capture a significant market share as development costs decrease.
Following a recent funding round that valued the company at €2 billion, with an infusion of €400 million, Mistral is making waves with its large language models used in generative AI products such as chatbots.
This puts Mistral in direct competition with well-funded rivals, including the $86 billion-valued OpenAI.
