Since its founding in 2009, Uber has launched in over 200 cities throughout the world. From its humble beginnings, Uber raised $49 million dollars by 2011, with total funding reaching $2.8 billion in this year. The company’s first expansion was to China in March of 2012, and since then has expanded to 55 countries.
Uber’s technology uses social media and apps to schedule carpool rides to locations in their city. The app automatically finds the driver closest to their current location and alerts the passenger when they are on the way. The driver’s name, license plate number, route, and ETA are all displayed to the customer. Passengers and drivers can both be rated. Fares are pre-calculated based on a formula of location and “surge” (busy) periods, and tips are not necessary. Uber offers a variety of car styles and prices, ranging from regular sedans, to trucks, to luxury SUVs.
Since its expansion to India, Uber introduced its newest style car in New Delhi: the auto Rickshaw. Just this past week, Uber announced its rickshaw service and ability to take cash payments for the first time. Just like with scheduling a regular cab, customers will use the app to hail a rickshaw, but now do not need to have money in their payment wallet to do so. Uber’s cash service opens up opportunities to new markets, as cash is still the primary payment method in many Asian countries. Uber has been offering service as a non-profit company since 2014 in New Delhi, and will continue to follow the same model with the UberAuto rickshaw.
Though Ola still remains the leader in taxi and rickshaw hailing, with over $310 million dollars in funding, Uber is following a close second. The company currently offers services in 11 Indian cities, and is rapidly expanding in its larger cities like New Dehli. In New Dehli, Uber currently offers Uber Black, Uber X, Uber Go (small vehicles), and now Uber Auto (rickshaws).