Tech ventures are swarming from country to country swiping substantial amounts of profit. These startups are Mongols they do not take time to reach zenithal success in their business. It is authentically fascinating in the way they win consumers and earn money. From 2009 to today in 2016, the tech world witnessed some ventures providing transportation facility unprecedentedly easily and smartly through smartphones.
Uber, Careem, Lyft Inc., Ola and Didi are five companies that have become popular dishes to the users providing ridesharing facility.
In 2009 Uber came with an idea that changed the way people find their transports for trips. They developed an application that can be used in smartphones and using the application anyone can submit a trip request. Sequentially, the request is shown to drivers who own a car and use Uber. If the drivers will they pick up the passenger. As simple as it is sound. Because of the simplicity and effectiveness, it is got the tremendous response. Now Uber’s value is US$62.5 billion. And its revenue in 2015 was US$ 1.5 billion. The business is run in 62 countries.
Uber’s success arrested Mudassir’s mind. In 2012 Mudassir and Magnus founded a business in Dubai based on an application which functions similarly as Uber does.Careem is expanding its business fast investing US$60 million in the Middle East and competing with Uber which is better harnessed. Till November of last year, Careem is working in 27 cities.
DiDiChuxing is the market leader of the Chinese ride sharing industry. The company is valued at US$28 billion (as of June 2016). This tech venture had a roller coaster ride since its inception in June 2012. Its office in several cities was raided by Chinese police, for Chinese government the business was illegal. But recently the government endorsed the business which will create a major fight between DiDi and Uber.
Olashare is the market leader in India which is operated in 100 cities within India. In India Ola and Uber are battling toe to toe for dominance. Currently, Uber is only operated in 27 cities in India. The battle has become intense while China’s DiDi is planning to place itself in a strong position. Ola is dominating the market in India maintaining a low pricing strategy but it has a relatively low valuation which is US$ 5 billion.
Lyft Inc. is an American ride-hailing business launched in 2012. The company currently operated in 60 cities battling Uber. Lyft Inc. got a valuation of US$5.5 from GM. Like Uber, Lyft is also investing a substantial amount of money in order to develop a network of self-driving cars.