SUCCESS STORY OF UBER

Uber is a globally spread network-based transport technology that runs basically by its ride-hailing app uber.com, founded in 2009 (initially called ubercab.com). Uber, through its app, provides a facility of the cab with one click to help you reach your destination point. In June 2010, the Uber service was launched in San Francisco, California, the United States. After that its services expanded to 10,000 cities across 71 countries all over the world. The meaning of the name Uber is ‘topmost’ which is derived from the German language that says over or above.

UBER

Formerly – Ubercab
Presently – Uber
Headquarters – San Francisco, California, U.S.
Type – Public company
Expanded – 10,000 cities, 71 countries
Industry – Transportation
Specialities – Ride-hailing

HISTORY BEHIND THE NAME UBER

The inception of Uber took place in the year 2008 in Paris when two friends Garrett Camp and Travis Kalanick were about to attend leweb, conference in Paris. There they faced the problem of not getting any taxi to arrive, and at the time of that incident, Garrett got an idea of Uber in his mind and then he started to work on his idea and to implement it he purchased the domain Uber and also, asked Kalanick to join him.
So, the founder of company Uber technology Inc ( parent company of Uber) is Travis Kalanick and Garett camp (cofounder of stumble upon) at that time Travis Kalanick sold his red swoosh for 19 million dollars, and then they both worked together as there plan and launch a beta-version of uber in 2010.
In 2010, Uber received a notice from the municipal transportation agency in San Francisco to remove the word cab from ubercab.com after that the company changed its name from ubercab.com to uber.com
Founded– March,2009
Launch date – May 2010
Founder– Garrett Camp, Travis Kalanick
Website –uber.com
Product – Mobile, website

In June 2010, when Uber is launched in San Francisco Uber app was the first app in the world with the help of which people were able to book cabs easily and for this reason, the expansion of uber grew very fast. Ryan was the CEO till 2010, and after him, Travis Kalanic becomes the CEO of Uber. Presently, Dara Khosrowshahi is serving as the CEO of Uber.
In 2011, Uber’s success growth rates increased majorly as it provided ride-sharing in which rider hires personal driver’s to reach their destination point as uber alongside ensuring a safe journey to their passengers. In July 2012, the company brought some changes in its strategy in which any person can drive his car for uber company service but, he will have to follow the rules and regulations, such as car verification documents, etc.
Uber CEO – Dara Khosrowshah
Uber Chairman- Ronald Sugar

FUNDING AND VALUATION OF UBER

In 2010, the company raised a funding of $1.25 million. In 2011, Uber success growth rate increased and it takes funding of $11 million from benchmark capital and other investors. In Dec 2011,it took funding of $37 million from Goldman Sachs, Menlo venture, Amazon’s Jeff Bezos and in the same year, Uber also started its international services from Paris.
In August 2013, Uber entered India where Ola gave a tough competition to Uber in the same year. Uber took funding of $258 million from Google venture and because of this funding round, its valuation reaches $3.76 Billion which is very high.
In 2014, the company entered China and anticipated making a lot of profit. But, the dominance of chuxing company in China was giving tough competition to Uber and in August 2016, Uber and Didi’s chuxing got merged. The reason behind their union was the soft bank which invested in both Uber and Didichuxing company and this year Uber faces a global loss due to its business in China making it take funding of $3.5 billion from the wealth found in South Arabia.
In 2015, it completed its 1 billion trips
In 2016,it completed its 2 billion trips
In 2020, it completed its 4.98 billion trips
Revenue
US$ 11.139 Billion (2020)
Net income
US$- 6.768 Billion (2020)
Total assets
US$ 33.252 Billion (2020)
Total equity
US$ 12.967 Billion (2020)
Trip complete
4.98 Billion (2020)

SERVICES STARTED BY UBER

In July 2012, the company launched the Uberx service in which any person can drive his car for the Uberx company but, all Uber drivers are required to undergo their car background and documents check so the passenger can be assured about their safety. Uberx ride has low cost, is widely available, more convenient than a taxi, and holds 4 passengers at a time. By launching this Uberx service, the success of the company grew multi-fold alongside expanding its business to 35 states.
In 2014, Uber partnered with Blade company and also launched a service of helicopter and called it an ‘Uber copter’ service in which on 200$ to 225$ dollar fare, it provides a ride from New York City to Hamptons.
In August 2014, the company starts a new service named ‘Uber pool’ in which the uber application connects one passenger to another passenger if both are going in the same direction then both those passengers are made to sit in the same cab and the fare is also shared between two passengers that used to be easy for the passengers.
And in the same month uber started its online food ordering service and named it ‘uber eats’ in which food is delivered only in 30 minutes.
In March 2015, Uber company collaborated with dream drives and started a service in which luxurious cars like Lamborghini can also be booked in the same year, Kalanic gives an idea of a self-drive car service, and to implement his idea uber company partnered with Carnegie Mellon university’s national robotics center and in September 2016, Uber started its first self-driving car service and that’s how it continued to succeed. At the beginning of 2017, Uber occupied over 84 % shares in American cab services.
Admittedly, uber got a lot of success, alongside facing many hurdles. But it keeps transforming the customer experience with its unwavering service standards and customer-centricity.
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