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Uber Takes Google Ventures on Board; Arrives Officially in China

Aug 23 2013, 8:19am CDT | by , in News | Technology News

$3.5 Billion Uber Takes Google Ventures on Board, Arrives in China

The taxi app conglomeration known as Uber is having the time of its life. It is evaluated at $3.5 billion now with $258 million investment from Google Ventures. It has also officially arrived in China now.

With $3.5 billion in fixed assets and a fundraising campaign that landed $360 million in its coffers, Uber is on cloud nine. The company didn’t have any viability about half a decade ago. Yet its meteoric rise to fame has surprised the prediction pundits. Other giants such as Facebook and LinkedIn have funds that have reached astronomical amounts too. However, the questions to ask are where does Uber stand and why is Google making a huge investment in the firm. Already $125 million have been raked in the form of profits this year by Uber. And $258 million have been lent by Google to the fledgling company. It may be an upstart yet it is growing fast. 

Of course, such success has been an irritant for many others. Several regulations have been put in place by various sources to stop Uber from meeting its cherished goals. However, Uber is a smart and savvy organization that knows how to play the game of business politics. Basically, Uber allows you to hire a taxicab from the vicinity of a phone and pay for the ride through the selfsame source.

Uber even extended its reach all the way to China. First a test app is launched in Shanghai only. But now Uber is officially launched all over China. Uber China official twitter account states, "Uber begins testing first China city - Shanghai! Get your ride while it's hot!" The Chinese launch has really spread the word regarding Uber in the international arena. The company is on a one-way street to the top for now. 

Source: AllThingsD

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