Uber, a personalized car service app, has in the past couple of years grown exponentially. The way it works is through a smartphone app. The customer makes an account with Uber, adding their credit card when they start. From that point on the only thing the customer needs to do is press ONE button and they can have an SUV, blackcar, or even a wheelchair accessible vehicle within minutes.
Uber has had legal issues because of taxi companies drawling lawsuits against them. In cities where Uber is present (relatively every significant city) taxi services are suffering. The convenience and safety of an Uber is highly appealing for those that can afford the extra few bucks that an Uber costs.
After this past week, Uber has become a force to be reckoned with in the world of finance. Investors valued the company at a staggering $40 billion dollars. But rather than sell the company, its owner plans to follow in the steps of Facebook by going public. Currently, small amounts of the company are being offered off to banks like Goldman Sachs but soon I believe we will see an IPO like Twitter except Uber has real revenue and actually makes money. While raising cash doesn’t seem to be an issue, the legal and privacy issues may pose a problem to this innovative “start up”.
We will see how this develops in the near future. Personally, I am a huge fan and customer of the company. Living in Philadelphia, I need to quickly get around in a comfortable and safe way. Uber is awesome.