Uber co-founder and ousted chief Travis Kalanick is shifting gears to take cost of a startup dedicated to giving outlets or parking heaps new function as venues for Web-age companies.

The primary “large guess” made by Kalanick’s freshly-launched funding fund known as 10100 is $150 million (roughly Rs. 975 crores) funding to take a controlling curiosity in Metropolis Storage Methods, he mentioned in a tweet from his verified account late Tuesday.

Kalanick described CSS as a holding firm that buys distressed properties akin to outlets or parking heaps and converts them into houses for Web-age companies.

“There are over $10 trillion (roughly Rs. 650 lakh crores) in these actual property belongings that can must be repurposed for the digital period within the coming years,” Kalanick mentioned, including that he’ll develop into chief government on the startup.

CSS has CloudKitchens and CloudRetail operations geared toward repurposing actual property to be used by on-line restaurant or retail companies.

Kalanick mentioned on Tuesday that he would take over as chief at CSS after the deal closes, and even invited folks to use for jobs on the 15-person startup.

“Congrats to @travisk on his new enterprise – the serial entrepreneur goes serial quick,” Uber chief Dara Khosrowshahi mentioned in a tweet to Kalanick.

Khosrowshahi famous that CloudKitchens is amongst companions in an UberEats service delivering meals from eating places.

Kalanick was reported to have offered greater than a billion price of his stake in Uber to SoftBank early this 12 months when the Japanese telecoms and tech titan purchased into US ride-share agency.

Uber is searching for to maneuver previous a sequence of scandals and missteps and reform its board construction because it gears up for a 2019 public share providing.

Kalanick was ousted as CEO in June of final 12 months, however retains a seat on Uber’s board.

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