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Uber Takes Google Ventures on Board; Arrives Officially 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.

Aug 23 2013, 8:19am CDT | by

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

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Uber Takes Google Ventures on Board; Arrives Officially in China

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

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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Update: 11

Why Progressives Should Think Twice About Embracing Uber and Lyft

Source: The Huffington Post

Dave White 'Sold Out' Retrospective - Private View
Since 2005 it has been my pleasure to be a cab driver in my hometown of St. Louis. On a daily basis I get to see all parts of St. Louis City, St. Louis County and often the Metro-East and beyond. While I love my job there are also many challenges. I've had to deal with attempted robberies, people throwing up in my cab, urinating in the cab, fighting in the backseat, inappropriate sexual behav ...
Source: The Huffington Post   Full article at: The Huffington Post 1 day ago, 4:38pm CDT
 


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Update: 10

Seattle’s Cap on Uber, Lyft, and Sidecar Rescinded by Referendum

Source: Planetizen

Rubio Visits Uber's DC Headquarters, Discusses Economic Innovation
After Seattle Citizens to Repeal Ordinance 124441 acquired twice the necessary number of signatures necessary to send a March ordinance capping the number of Uber, Lyft, and Sidecar drivers in the city, the mayor will negotiate with the compani ...
Source: Planetizen   Full article at: Planetizen 1 day ago, 3:00pm CDT
 

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Update: 9

Monopolists beware

Source: Salt Lake Tribune

Volkswagen Launches "electrified!" Electric Car Promotion
Question: What’s an automotive monopolist’s worst nightmare? Answer: Uber picks you up in a Tesla. Two big Silicon Valley companies are busy disrupting state-sponsored transportation monopolies. Uber is competing with locally regulated taxi companies, and Tesla wants to sell its electric cars directly to the public instead of through state-protected dealerships. Different issues arise in each case, but because competition is a good thing, both of these d ...
Source: Salt Lake Tribune   Full article at: Salt Lake Tribune 2 days ago, 6:57pm CDT
 

Update: 7

Steve Wright on (Uber’s) Algorithmic Monopolies and the distortions of the new sharing economy

Source: P2P Foundation

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to the extent that there is interest in democratic decision-making, algorithmic monopolies are something antitrust authorities should watch. Right now Uber is wringing a lot of inefficiency out of the taxi industry. But eventually it will have so much power that it will introduce problems of its own. Steve Wright‘s comments on an article about Uber’s market pricing algorithm: “From the attached article: “Uber controls all of the information in this so-called ‘market’. One of t ...
Source: P2P Foundation   Full article at: P2P Foundation 2 days ago, 6:17pm CDT
 

Update: 6

Did Uber Just Give Lyft The Opening It Needed?

Source: Business Balla

Rubio Visits Uber's DC Headquarters, Discusses Economic Innovation
In the back-and-forth between Uber and Lyft, the taxi alternatives you hail with your smartphone, yesterday may be remembered as the day Uber let Lyft back in the game. First, Uber added a $1 “Safe... ...
Source: Business Balla   Full article at: Business Balla 2 days ago, 8:40am CDT
 

Update: 5

Did Uber Just Give Lyft The Opening It Needed?

Source: Forbes

Rubio Visits Uber's DC Headquarters, Discusses Economic Innovation
In the back-and-forth between Uber and Lyft, the taxi alternatives you hail with your smartphone, yesterday may be remembered as the day Uber let Lyft back in the game. First, Uber added a $1 "Safe Rides Fee" on the low-priced UberX service, whi ...
Source: Forbes   Full article at: Forbes 2 days ago, 8:01am CDT
 

Update: 4

Cab drivers concerned as Minneapolis considers legalizing Uber X, Lyft

Source: MyFOX9.com

The Masters - Preview Day 2
There's a major battle brewing on the streets of Minneapolis involving who is -- and who is not -- allowed to give customers a lift around the city, an ...
Source: MyFOX9.com  Full article at: MyFOX9.com 3 days ago, 10:38pm CDT
 

Update: 3

Cab drivers concerned as Minneapolis considers legalizing Uber X, Lyft

Source: MyFOX9.com

The Masters - Preview Day 2
There's a major battle brewing on the streets of Minneapolis involving who is -- and who is not -- allowed to give customers a lift around the city, and it could affect a lo ...
Source: MyFOX9.com  Full article at: MyFOX9.com 3 days ago, 10:38pm CDT
 

Update: 2

Cab drivers concerned as Minneapolis considers legalizing Uber X, Lyft

Source: MyFOX9.com

The Masters - Preview Day 2
There's a major battle brewing on the streets of Minneapolis involving who is -- and who is not -- allowed to give customers a lift around the city, and it could affect a lot ...
Source: MyFOX9.com  Full article at: MyFOX9.com 3 days ago, 10:38pm CDT
 

Update: 1

Cab drivers concerned as Minneapolis considers legalizing Uber X, Lyft

Source: MyFOX9.com

The Masters - Preview Day 2
There's a major battle brewing on the streets of Minneapolis involving who is -- and who is not -- allowed to give customers a lift around the city, and it could affect a lot of drive ...
Source: MyFOX9.com  Full article at: MyFOX9.com 3 days ago, 10:38pm CDT
 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest technology trends.

 

 

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