But the demise last week of valet parking company Luxe, which followed the collapse of three of its competitors, shows the brutal economics of on-demand services and raises questions about the viability of the concept. "From a fundraising standpoint, 'Uber for X' was the attractive thing," said Sean Behr, the chief executive of Zirx, another now-defunct valet parking company. The collapse of valet parking apps raises doubts about the entire on-demand industry, which has raised about US$58bil (RM244.03bil) from investors since 2014, according to data firm CB Insights. Indeed, the very company that pioneered the on-demand economy, Uber, has not yet proved it has a viable business model. The price was not disclosed, but a person close to Luxe said the investors did not get their money back.

Source: The Star September 13, 2017 01:30 UTC