Uber is a technology company founded in 2009 by Travis Kalanick and Garrett Camp. Uber offers ridesharing, bicycle sharing and food-delivery services to its users via their website and suite of mobile applications. Uber is a global company, operating in over 700 metropolitan areas around the world. The company’s headquarters is located at 1455 Market St. in San Francisco, California.
Uber’s main product is its ridesharing app. The app uses a dynamic pricing model to connect riders with Uber drivers who are in the area. Prices vary depending on distance, traffic and localized demand. Requesters are able to book rides online, but drivers must have a smartphone in order to utilize the service.
Uber is a key player in the on-demand economy. Uber’s workforce is a healthy mix of employees and contractors. The drivers, who are often referred to as “partners”, operate under the status of contractor. In 2017, Uber reported to have over 2 million drivers globally and 750,000 drivers in the U.S. alone. While many Uber drivers use the platform as a full-time source of income, the flexible nature of the service allows for others to earn supplemental pay. In addition to the drivers, Uber employs over 10,000 full-time employees.
Uber has over 42 million users on its flagship ridesharing app and has made 6 acquisitions since its inception. These include Otto, an autonomous car company, as well as JUMP bikes, a bicycle sharing company. Uber’s initial financing was a US$200,000 seed round in August, 2009. Their latest, and 20th, round of funding occured in the summer of 2018.
In August 2017, Dhara Khosrowshahi become the new CEO of Uber, succeeding Travis Kalanick. Khosrowshahi earned a B.A. in electrical engineering from Brown University and was formerly the CEO of Expedia Group. Before Khosrowshahi joined, Uber reported revenues of US$6.5 billion in 2016, with a net income of negative US$2.8 billion.
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