If you are not familiar with the word, Uber by now then you must be living in a shell. The world’s largest cab service is currently worth more than most global automobile giants and the amazing part is that Uber does not own any of the vehicles that run on the streets under his name.
So, how big actually is Uber? Let’s try to find out. Shall We?
Uber was founded in the year 2009 by Garett Camp and Travis Kalanick and since its inception it has received the funding of a whopping $14.11 billion in 16 rounds by 56 investors. In the year 2015, the taxi giant acquired deCarta, a company that offers geospatial software platforms. These software power internet, mobile, personal navigation and location based service applications. Along with deCarta, Uber also acquired a part of Bing’s mapping assets and is on the road to absorb approximately a hundred Microsoft employees.
If that doesn’t give you an idea of the might of Uber, then consider the fact that by late 2015, Uber was worth $62.5 billion, which is higher than the net worth of BMW, Ford, Honda, GM, and Nissan.
Moreover, Uber is active in 467 cities across the globe and has a strength of more than 6700 employees under its various chains. Approximately 1400 plus rides get booked on Uber every minute and the total number of rides has surpassed the billion mark in the year 2015.
If the statistics are to be believed, the entire cab services market in San Francisco, USA is worth $140 million per year and on the other hand, Uber’s revenue in the same market is $500 million a year. This is more than 3 times the size of the entire taxi services market.
Amazed yet? To know more about the largest taxi service provider in the world, check out the infographic below.
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Uber was founded by Garrett Camp, the founder of StumbleUpon, and Travis Kalanick in 2009
DATE / ROUND / AMOUNT
June, 2016 Private Equity $3.5B
Feb, 2016 Private Equity $200M
Jan, 2016 Private Equity $2B
Sep, 2015 Private Equity $1.2B
Aug, 2015 Private Equity $100M
Jul, 2015 Series F $1B
Feb, 2015 Series E $1B
Jan, 2015 Debt Financing $1.6B
Dec, 2014 Series E $600M
Dec, 2014 Series E $600M
Dec, 2014 Series E $1.2B
Jan, 2014 Series D $1.4B
Aug, 2013 Series C $258M
Dec, 2011 Series B $37M
Feb, 2011 Series A $11M
Oct, 2010 Angel $1.2M
Aug, 2009 Seed $200K
Uber acquires deCarta on March, 2015 for Unknown Amount - deCarta provides geospatial software platforms that power Internet, mobile, personal navigation, and location-based service applications.
Uber Acquires Part Of Bing's Mapping Assets, Will Absorb Around 100 Microsoft Employees
BY LATE-2015, UBER WAS ESTIMATED TO BE WORTH $62.5 billion WHICH IS HIGHER THEN THESE CAR BRANDS
BMW $60.4 BILLION
FORD $54.2 BILLION
HONDA $51.1 BILLION
GM $49.6 BILLION
NISSAN $42.9 BILLION
US: Lyft, Via, Sidecar, Flywheel, Curb
FRANCE: Blablacar, Lecab
GERMANY: Blablacar, Blacklane
CZECH REPUBLIC: Liftago
CHINA: Didi Kuaidi, Yidao yongche, Shenzhou zhuanche, AA carpool
UK: Grett, Hailo
MEXICO: Easy taxi, Cabify
COLOMBIA, BRAZILA: Easy taxi
NIGERIA, KENYA, SOUTH AFRICA: Easy taxi
UAE: Careem, Easy taxi
SOUTH KOREA: Hailo, Easy taxi, Limo taxi
SINGAPORE, MALAYSIA, PHILIPPINES, THAILAND, VIETNAM & INDONESIA: Easy taxi, Grab taxi
AUSTRALIA: Ingogo, Gocatch
According to Uber CEO Travis Kalanick, the whole taxi market in San Francisco is about $140 million per year & Uber's revenues in San Francisco, meanwhile, are now running at $500 million per year. That's more than 3-times the size of the taxi market.
The first step in the business model of uber is about creating a demand. People have a smartphone app which lets them request a cab instantly or schedule it for some time later.
As soon as the request is made, a notification about your details is sent to the nearest driver. Cab driver has the option to accept or reject the ride. In case he rejects, notification is sent to another driver in the area.
Customer can track the cab when it is arriving and the ETA is also shown to the customer. The meter starts as soon as the customer sits in the cab which can be tracked through the customer side app as well. Friendly drivers make sure that the ride is comfortable for the passenger.
Once the ride is over, customer gets an option to rate the driver. Rating system is an important part of Uber's business model as it lets a person know about the driver before booking a ride and helps him trust the driver.