Uber, the ride-hailing service by Uber Technologies Inc., operates in over 50 countries and keeps 20 percent of the revenues generated from the service. According to projections for this year, Uber´s global bookings are estimated to nearly threefold at $10.8 billion dollars. The same study estimates a growth to $26.8 million for next year.
This information was disclosed at a confidential presentation prepared by Chinese bankers with the aim to solicit investments in a fund held by Uber Global and Uber China. The slideshow did not present data about Uber China.
These numbers confirm the six-year-old company’s success over the course of recent years. The service connects clients with drivers through the application. The firm´s Chief Executive Travis Kalanick explained that last year, the company’s revenues doubled every six months.
Booking profits reached $2.91 billion last year and $687.8 million in 2013. A projection of $10.8 billion for the end of this year is a clear indicator of Uber’s explosive success, despite the issues it has faced. In some cities, for instance, the service has been banned due to the booking of unlicensed drivers. Uber has said that is working with authorities to remove the ban.
The slideshow presentation also confirms that Uber has benefited from the investments of state-owned China Life Insurance Co and China Taiping Insurance.
It also confirmed that the company is presently working on banning issues in countries such as Thailand, Spain, and France.
It is possible that we will see Uber Technologies permeating more cities and getting more bookings over the coming months. Projections seem pretty favorable even though the company is believed to be losing money from financial incentives offered to drivers as a move to absorb the market.