Uber has taken the on demand economy vertical by storm. Formerly called UberCab, the startup was founded in 2009 in San Francisco by Travis Kalanick and Gerrett Camp. Both the founders are serial entrepreneurs as Gerrett earlier co-founded StumbleUpon (a social discovery engine) and Travis founded Red Swoosh which he later sold for $19 million. The name was later on changed to Uber in 2010, which simply means ‘Above’ in German.
Uber has been pioneer in the sharing economy and the concept of Uberification or Uberisation has emerged following the inventory lite on demand uber business model. As popularly known today, Uber is an on demand taxi booking app startup. It partners with cab drivers and provides a single tap cab booking option to riders for a convenient drive in and around the city. While Uber started with just one city in the United States, it currently operates in 633 cities worldwide. Uber today is worth over $60 billion in private valuation.