Uber which was known as Uber Cab is about to land some new funding according to OM Malik. His sources are telling him that the valuation of the high flying and also high cost taxi service is at $60 million and based on that the new round of funding is to be somewhere near $10 Million.
In San Francisco, where the company is based, a Uber ride costs you starting at a base price of $8 plus $4.90 per mile and $1.25 per idle minute. It is on the expensive side and in San Francisco they provide a private car service, taxi service that is carving a niche for itself in the uber people (perhaps that is why they dropped the taxi bit name). The service is based on a mobile app, Uber users tell their smartphones that they need a pick up, marked by the location on a map, a car picks them up and drop them where they want and completes the transaction electronically.
Now the play time is over and the investors and investors to be want the company to produce. So they have opened their service in New York, where everyone uses taxis, for everything.
“In Manhattan there are many transportation options and even a small slice there will be bigger than San Francisco,” said, Red Swoosh founder Travis Kalanick, who is the CEO now. Company was created by him and StumbleUpon co-founder Garrett Camp.Klanick likes to call his service or the startup, “predictive real-time supply chain management solution”, perhaps the real reason they dropped the taxi bit from Uber Taxi. Uber PRSMS has a expensive ring to it.
Uber via Gigaom