Uber Is Bigger Than The Whole Taxi Market of San Francisco, Plans to Expand Further Into EU
Uber’s valuation has been one of the hot topics on the Internet recently and now, some surprising facts about the company have been revealed by Uber CEO Travis Kalanick.
Kalanick stated that Uber is bigger than the whole taxi market of San Francisco. He revealed that the taxi market of the territory is about $140 million per year. Whereas, Uber alone is making $500 million a year in revenue. That’s more than impressive!
What’s more amazing is that the company’s annual revenue is increasing at a rate of 200% per year. Travis Kalanick also shared some more details about Uber:
- Uber’s rides in London are growing 5-6X per year
- Uber’s rides in New York are growing 4X per year
- Uber’s rides in San Francisco are growing 3X per year
The taxi company is growing rapidly and they recently introduced something called “Uber Pool.” This feature allows customers to share their cab ride with others. Thus, reducing fares for customers and making hiring a taxi more affordable compared to owning a car.
Uber offers taxi service through smartphones and came into existence about four years ago. Now, the company operates in 250 cities around the world.
Overall, the app-based transportation network is valued at $40 billion but this company has been criticized due to flouting competition rules and not keeping proper safety checks on drivers and cars.
In India, a woman who was allegedly raped by an Uber Taxi driver has now decided to sue the company in US courts. The cab driver, on the other hand, is currently in custody of Delhi police. We’ll keep you updated on the developments of this case.
Without following proper safety regulations, the company is now planning to expand to more European cities. Kalanick stated at DLD conference:
“Uber is committed to establishing new partnerships with Europe’s cities to ensure innovation, harness powerful economic benefits and promote core city functions.”
He further revealed:
“At the end of 2015, if we can make these partnerships happen, we create 50,000 new EU jobs.”
“Uber wants to partner closely with tax authorities to increase transportation providers’ compliance and overall tax revenue for cities and countries across Europe.”
It’s good that Uber is planning to expand but before they do, Uber should make sure proper steps are taken to ensure the safety of their riders.
Sikander is a gamer at heart and loves to write about the latest technology trends. He does it all in the name of Techfrag!