Anti-Uber protest rages in Argentina, as Uber prepares for IPO filing

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Anti-Uber protest rages in Argentina, as Uber prepares for IPO filing

On Thursday, the 11th of April 2019, taxi drivers of Buenos Aires, Argentina, had blocked the streets to protest against Uber, pronouncing the latest anti-Uber protest after identical incidents had been observed over the streets of Madrid and Barcelona last month.

Challenges seemed to be mounting for the US-based ride-hailing giant in Latin America ahead of a much-anticipated IPO, as Didi Chuxing, world’s largest ride-hailing service provider based on Beijing, had been tipping the taxi drivers of Latin America to protest against Uber and not to raise hands over their ride-hailing services.

Taxi Unions of Argentina had walked through the center of capital on Thursday (April 11th) at the beginning of a two-day protest against Uber, after facing steep competition from cheaper ride-hailing alternatives such as Uber and regulatory hurdles in such a region of the world, where the taxi drivers had been operating at a legal gray area for decades.

The anti-Uber protest had been underlining a blaze of anger among the taxi drivers of the city, since Uber drivers were stealing away their consumers with competitive fares. Amid an ongoing anti-Uber protest, underscoring further hurdles for Uber on legal issues and a declining payout to drivers, a managing partner of Magma Partners, Latin America-based venture capital fund, Nathan Lustig said, “I see the biggest threats outside of competition being from regulation and a potential backlash against Uber as payouts to drivers continue to fall”.