Wheely, a luxury-focused competitor to ride-hailing giant Uber, is launching in Dubai as the company looks to reembark on an international expansion effort that was quashed by Covid in 2020.
The company, founded by Russian-Swiss entrepreneur Anton Chirkunov, told CNBC it will offer rides in the United Arab Emirates city starting Wednesday, catering mainly to wealthy clients.
As part of its Dubai debut, Wheely will start offering users rides in BMW 5 Series cars for the first time, a precursor to adding support for BMW’s i5 electric variant in the future.
That’s a notable step, as the i5 is a cheaper vehicle than luxury electric SUV competitors such as the Mercedes-Benz EQE and the Tesla Model X.
Mercedes’ 2024 EQE EV starts at $79,650 while the 2024 BMW i5 series starts at $66,800.
Wheely didn’t at any point suggest it plans to ditch Mercedes cars anytime soon, but the move provides some insight into how the company is thinking about the electrification of its fleets.
Dubai opportunity
Chirkunov said Wheely is targeting the Dubai market, which it’s been planning on entering since 2021, as it already serves as a hub for wealthy business people emigrating from Europe, as well as young digital nomads.
“European families and entrepreneurs have been moving to Dubai in the last five years,” Chirkunov told CNBC in an interview ahead of the launch. “It is the most requested destination by our guests and our members. It sees the highest immigration of millionaires in the world.”
Wheely’s platform is tailored more toward mass market usage, however, and Chirkunov thinks his platform has an opportunity to stand out. It competes in a similar space to Blacklane, another luxury-focused ride-hailer.
Chirkunov compares his product to more of a luxury product than a general service for consumers. He compares the Wheely brand to the American Express Centurion and Platinum membership credit cards in terms of brand status.
Headquartered in London, Wheely is a startup that offers a car-hailing app similar to Uber, but targeted toward a high net worth clientele. Fares, for example, average around £46 ($57.72) for a 30-minute journey from Mayfair to the City of London.
Prices aren’t the only thing that’s “high-end” about Wheely. The company provides trained chauffeurs who greet customers, collect their bags, and take other measures to make riders feel special.
Users can make specific requests to their chauffeurs on the Wheely app — for example, having a driver collect flowers for a loved one before they get picked up.
Wheely even has its own tailor-made “chauffeur academy” program in place to train up drivers. That program already exists in London, at Syon House, the lavish home of the Duke of Northumberland.
Wheely is now replicating that model in Dubai, too.
Its members-only services — which users can only get access to via invitation or after 15 trips with the app within six months — offers access to more premium tiers, including a first-class service with Mercedes-Benz S-Class vehicles that come with bath towels, and an option to reserve a chauffeur for a whole day.
From Covid crash to global expansion
Wheely is making a renewed international drive in Dubai after several years of turbulence for the company.
Wheely had a tough time when Covid lockdowns came about.
“The pandemic was tough because, unlike, say, Amazon, where order volumes skyrocketed in the pandemic, for us our volumes dropped by 99%,” Chirkunov said.
Since then, however, demand has bounced back from its high-end clientele.
He says the platform recently reached operational profitability everywhere except new markets like Paris and Dubai.
Chirkunov, when asked whether Wheely had decided to raise more cash, disclosed that the company discreetly raised an additional sum of money internally from existing shareholders.
The funding, which has not previously been disclosed, amounts to $15 million, and brings Wheely’s total cash raised to date to $43 million.
Wheely’s existing shareholder base includes venture capital firm Concentric and AdFirst.vc, as well as Chirkunov himself.
Wheely plans to expand its Middle East team and chauffeur network to over 1,000 in the next three to five years, the company told CNBC exclusively.
Wheely reported revenues of £22.5 million in its 2021 financial year, according to Companies House filing.
The company, which remains lossmaking at a group level, reported losses of £6.1 million. That was as headcount grew significantly to 221 from 157.
U.S. expansion next
The Middle East isn’t the only stop on Wheely’s global expansion route, though. The startup, which earlier launched services in Paris, now plans to pursue operations in the United States, Wheely’s co-founder and CEO told CNBC.
Chirkunov said that the pandemic scuppered Wheely’s short-term plans to enter the U.S. market, and so Dubai “eclipsed” the U.S. in terms of focus for the firm.
Now, though, he sees an eventual U.S. launch in his sights.
“We have many North American travellers using Wheely, especially on transfers and flights,” Chirkunov said. Wheely’s app enables its chauffeur network to check on updates about the status of travelers’ flights in real time.
“We’re still looking at launching in the U.S. at some point,” Chirkunov added. “The reason we haven’t launched yet is because we’ve been squarely focused on Dubai.”
But eventually, Chirkunov says, “New York will over take London as our top market.”
Shares were last down more than 5%. The decline occurred as investors adopted a risk-off stance on Tuesday and the three major averages declined.
Stock Chart IconStock chart icon
Coinbase shares over the past month
Coinbase is now off more than 30% from its all-time high of $444.65, reached on July 18. Shares popped in mid-July as legislators voted on a series of crypto-related bills, ending with President Donald Trump signing the GENIUS Act stablecoin legislation — the nation’s first-ever crypto law. Shares have been collapsing since then.
Shares of the crypto-trading platform have been running hot since May. That month, the cryptocurrency market started to lead the way back from the market’s April 8 low, and Coinbase joined the benchmark S&P 500. While investors remain optimistic on the crypto services company’s long-term opportunity prospects, some on Wall Street have warned it could be time to take some money off the table as the stock’s momentum starts to wane.
Last week, Citi hiked its price target to $505 from $270. The analyst said Coinbase stands to gain from legislative momentum as well as stronger bitcoin prices and improved custodial fee revenue.
An explosion in demand for crypto beyond bitcoin – particularly coins and companies in the Ethereum universe – are also widely viewed as a boon to Coinbase.
Coinbase reported disappointing second-quarter revenue last week, causing investors to sell their shares despite a stronger start to the third quarter. Coinbase is still up 21% year to date.
Don’t miss these cryptocurrency insights from CNBC Pro:
Axon Enterprise‘s stock popped 16% after the TASER maker surpassed Wall Street’s estimates and boosted its guidance due to robust demand for its security solutions.
“Demand for new technology from our customers is accelerating, and it’s outpacing even my most optimistic expectations,” said CEO Rick Smith on an earnings call with analysts. “There’s now one breakout product driving conversations. It’s everything.”
The security solutions company also hiked guidance for the year, saying it now expects revenues of $2.65 billion to $2.73 billion. That’s up from prior revenue guidance of $2.60 billion to $2.70 billion.
Read more CNBC tech news
Revenues for the period jumped 33% from a year ago to about $668.5 million and topped an LSEG estimate of $631.6 million. The security solutions company posted adjusted earnings of $2.12 per share, ahead of the $1.46 expected per share.
Axon said it has seen increased demand for its bodycams, drones and counter-drone technology due to emerging security and drone threats and experienced growth across segments.
The company’s TASER unit grew 19% from about $181 million to $216 million, while software and services jumped about 39%. Revenues for personal sensors and platforms solutions reached $93 million and $67 million, respectively. More than 30% of bookings came from new products, Axon said.
Nikesh Arora of the United States on the first hole during the third round of The Alfred Dunhill Links Championship at The Old Course on October 02, 2021 in St Andrews, Scotland.
David Cannon | David Cannon Collection | Getty Images
When Nikesh Arora was named CEO of Palo Alto Networks in June 2018, the cybersecurity company was valued at about $19 billion and was taking on large networking vendors like Cisco and Juniper, which were building security into their products.
Seven years later, Palo Alto’s market cap has expanded by sixfold, driven in part by an acquisition spree that’s seen Arora spearhead more than 20 deals in an effort to create a one-stop shop for all things cybersecurity.
Arora’s ambitions took a dramatic turn last week, when Palo Alto announced by far its biggest bet to date: the $25 billion purchase of Israeli identity security platform CyberArk.
Wall Street’s reaction so far has been downbeat, with multiple analysts downgrading the stock, and the shares dropping 16% since news of the deal first leaked out last Tuesday.
Not only does CyberArk represent Palo Alto’s heftiest deal in the 20 years since its founding, but it’s the second-biggest U.S. tech acquisition announced in 2025, after Alphabet’s $32 billion purchase of Wiz, another cloud security company from Israel.
Alphabet had become a more notable player in Palo Alto’s universe even before the calendar turned. In the company’s 2024 annual report published in October, Palo Alto named Alphabet as a competitor for the first time, listing it alongside Cisco and Microsoft as companies “that have acquired, or may acquire, security vendors and have the technical and financial resources to bring competitive solutions to the market.” In 2023, Cisco paid $28 billion for Splunk, which focuses on data protection.
The era of cybersecurity megadeals coincides with a surge in the number of sophisticated cybercrimes tied to rapid advancements in artificial intelligence.
With CyberArk, Palo Alto is making a big splash in the identity management market, taking on the likes of Okta as well as Microsoft and IBM’s HashiCorp. It also puts the company into further competition with CrowdStrike, the other pure-play security company that’s topped $100 billion in market cap.
In an interview with CNBC soon after last week’s announcement, Arora said CyberArk fits squarely into his company’s focus on AI and, in this case, the complexities that come with granting permissions and access. Arora said that with M&A he looks for emerging trends, particularly when it involves technology that’s at a crossroads.
“Our entire acquisition strategy, our organic product growth strategy, our selling strategy, has always been based on that approach,” said Arora, 57, who’s seen his personal wealth top $1 billion with the big run-up in the stock.
In CyberArk’s earnings report last week, the company said revenue jumped 46% in the latest quarter to $328 million, equal to about 14% of Palo Alto revenue, based on the most recent report. Arora said in the conference call announcing the deal that he intends to work with CyberArk CEO Matt Cohen and Chairman Udi Mokady to “accelerate the pace of innovation.”
“We look for great products, a team that can execute in the product, and we let them run it,” Arora told CNBC. “This is going to be a different challenge, but we’ve done well 24 times, so I’m pretty confident that our team can handle this.”
Most of Arora’s acquisitions over the years have been of smaller startups. That includes a $400 million deal to buy Dig Security and the $625 million purchase of Talon Cyber Security in 2023. Last month, the company closed its takeover of Seattle-based startup Protect AI for an undisclosed amount.
Appetite for risk
Before joining Palo Alto, Arora spent a decade at Google, including his last three years there as chief business officer. Some analysts called him the “acting CEO,” due to his lengthy roster of responsibilities, such as strategic partnerships and navigating the needs of advertisers.
In 2014, Arora left Google to join SoftBank as head of its internet and media operations business and vice chairman of the overall company. At SoftBank, Arora had been tapped as the likely successor to visionary founder and CEO Masayoshi Son. But less than two years after taking the job, Arora resigned. As he explained it, Son told him he was going to keep running the show for another five to 10 years.
Roughly 10 months before leaving SoftBank, Arora said he was buying more than $480 million worth of stock in the Japanese conglomerate, which he said involved taking an “enormous risk” reflecting his confidence “about the future” of the company.
While that’s all firmly in the past, Arora said that over the years, he’s “scavenged” different leadership qualities from each of his mentors, including an appetite for risk from Son.
“It’s about finding role models for certain behaviors and wanting to understand what makes them really successful,” he said. “That’s my model.”
Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks during the company’s annual general meeting in Tokyo, Japan, on Friday, June 27, 2025.
Bloomberg | Bloomberg | Getty Images
Investors weren’t completely sold on Arora when he joined Palo Alto in 2018, said Joseph Gallo, an analyst at Jefferies. He was a skilled and experienced businessman but some worried that he hadn’t created a notable product or founded a company like many of his industry peers, said Gallo, who recommends buying Palo Alto shares.
Arora made up for it with an ability to spot trends ahead of the curve, Gallo said. That included investing aggressively in a transition from on-premises technology to the cloud and then recognizing early the power of AI.
In his first few years at the company, Arora made numerous acquisitions for a total of about $3 billion, helping Palo Alto penetrate the cloud security space as more businesses were moving their workloads to Amazon Web Services, Microsoft Azure and Google’s cloud.
“Every company wishes they were in Palo Alto shoes, where they could actually offer all these different products,” said Andrew Nowinski, an analyst at Wells Fargo who has a buy recommendation on the stock. “It’s very difficult. You’re not going to see many vendors like Palo Alto.”
With its expansion into identity management, Palo Alto is going big in a space that’s viewed by experts as a key spending area for IT in the coming years.
“You can’t slow down your spending because the hackers aren’t slowing down,” Nowinski said. “That’s your growth driver.”
Ofer Schreiber, senior partner and head of YL Ventures’ Israel office, said Palo Alto has helped take an extremely fragmented market, consisting of lots of point solutions, and created a centralized vendor for clients.
According to a joint report from IBM and Palo Alto published in January, the average organization uses 83 different security products from 29 separate companies.
“From the customer’s perspective, it’s much more convenient dealing with with one vendor with multiple products tightly integrated,” Schreiber said. “You can’t really be just a one-product company.”
Still, Arora is in untested waters with CyberArk.
Palo Alto’s shares dropped on all five days following the announcement of the deal. It’s the first time at Palo Alto that Arora has led a multibillion-dollar purchase, and he now faces the execution challenges of integrating thousands of new employees.
Analysts at KeyBanc lowered their rating to the equivalent of hold from buy, due partly to concerns about a lack of “meaningful synergies” in the product offerings and a view that customers would prefer an “independent vendor solely focused on identity.”
But TD Cowen’s Shaul Eyal still recommends buying the shares. He said that what’s made Arora successful is his “relentless focus on execution” and his strategy of betting on sizeable markets where Palo Alto can quickly scale and become the leader or runner-up.
That, and his ability to bundle.
“It’s all about upsell,” Eyal said. “Every other second, third, fourth module you’re selling to an existing customer flows straight to the bottom line.”