The 5 year-old startup Uber is shaking up the taxicab and black car markets with a predicted ‘Uber valuation’ set to disrupt some of the long established giants. The booking app that quickly managed to disrupt the space is currently operating in 53 countries, and locally in Brisbane and Gold Coast. According to Uber Brisbane manager, Mr Mike Abbott, “Uber has been successful because our technology is pro-consumer, pro-driver and pro-community.” (source: Gold Coast Bulletin). Despite the attacks, Uber is taking the controversy and regulatory challenges in its’ stride, and more so to its’ financial success.
“If Uber completes the funding, the valuation of as much as $40 billion would more than double its $17 billion value from a June financing round. That would also put Uber at about 1.5 times the capitalization of micro-blogging service Twitter (TWTR) and at the same size as Salesforce.com Inc., Delta Airlines Inc. and Kraft Foods Group Inc. It would dwarf car-rental company Hertz, which has a market capitalization of $11 billion.” – Bloomberg reports.