By now we all must have at least once hear of or used Uber in our day to day life as it is one of the most sought transportation networks in most of the developed countries. Uber is not only famous for cabs and taxis it also provides food delivery in some countries which has made it the most used service in the transportation network field.
It has also become one of the most influential companies in the sharing economy which has led to the coining of the term Uberisation. Let us have a brief look at the growth and net worth of Uber.
On the eve of New Year 2009, Garrett Camp the co-founder of StumbleUpon, discovery and advertising engine hired a cab for which he had to spend around $800. Since then he was very much concerned about the cost and wanted to come up with a plan that would make a ride affordable and economical.
He came up with the idea of UberCab and was joined by Travis Kalanick, the co-founder of Red Swoosh. Kalanick worked along with Garrett Camp to conceive and execute his idea of UberCab, and the duo successfully launched the UberCab app in 2011 in San Francisco. The app was designed to serve users who were looking for black luxury cars, and the price was 1.5 times higher than normal taxis.
Ryan Graves who responded to the tweet of Kalanick that announced about the job opening in their company became the first employee of the UberCab who received 5-10% of the company shares. He became the CEO of the company and was later replaced by Kalanick after which Graves became the COO. UberCab became Uber in 2011.
The company came up with the service UberX in July 2012, which would allow people with normal cars to drive for Uber after getting their certifications and car standards checked. Within six months of its introduction, the service started to operate in over 35 cities.
In November 2014, Uber launched its UberPOOL service in Paris that allowed carpooling. The service was launched in December in New York followed by Washington D.C, Singapore, and Hong Kong. The same year Uber launched Uber Essentials in Washington D.C. Uber Essentials allowed the consumers to order items online which would be delivered to their preferred address. The service was however canceled in 2015.
In May 2015, Uber introduced UberMilitary Families Coalition and also launched an app that would help drivers who have a hearing impairment. In November 2015, it also introduced hot air balloon rides in Hyderabad, India for INR 1000.
The company stepped into the food delivery business in August 2014 by launching the app UberEATS. The application would allow its users to order food online from various restaurants that are linked to UberEATS. In 2018, Uber Health was introduced to the service which would offer rides for people who are suffering from disease or ailments. The company invested more than $225 million to enter countries such as Russia, Armenia, Belarus and Georgia in 2018.
The biggest achievement of Uber is establishing a successful transportation network empire in more than 633 cities worldwide that too in a short span of 10 years.
Net Worth & Earnings
The revenue generated by the company in 2016 is said to be $6.5 billion, but the net income it managed to take was -2.8 billion dollar. Its net worth in 2016 was estimated to be $62.5 billion. After the latest investments of Didi and Softbank, the company’s current net worth is reported to be around $72 billion.
From San Francisco to 633 cities worldwide, the growth and spread of Uber are quite astonishing, thanks to the man who demanded $800 from Garrett Camp on the 2009 New Year eve.