Uber’s CEO said this Monday that the ride-hailing service has completed 2 billion rides.
CEO Travis Kalanick said in his Facebook post that Uber hit 2 billion rides on June 18th this year. The milestone was achieved in only 6 months after getting to 1 billion rides.
1 Billion More Rides in Just 6 Months
The company had got to 1 billion during the last six years. This is why the recent milestone is all the more significant.
It went from 1 billion to 2 billion in just 6 months, thanks to Uber’s expansion plans worldwide and on spending large amounts on recruiting of passengers and drivers.
Travis said that 147 rides are taken per second on Uber. Most of these rides, About 54 of them originating from China alone, were a sign of the company’s success in the country.
It is also worth noting that Uber is also losing $1 billion per year in China as well. However, the company believes it can pay off in the long run, as the ride-hailing service becomes more popular in China.
Uber’s Push for Growth
Uber’s very aggressive push for growth is what made this 2 billion ride goal possible much faster than anticipated. The aggressive stance is evident from the company giving its all to get into China where its losing the most money currently.
They went from operating in 311 cities last year to 450 cities currently.
It also raised $3.5 billion from Saudi Arabia’s sovereign wealth fund, after which the company’s value presently stands at $62.5 billion.
Future Outlay for the Service
For Uber, the metaphor “the sky’s the limit” makes imminent sense as there doesn’t seem to be any other goal for the company right now aside from expansion and growth into other markets and countries.
It also faces tough competition from home-grown initiatives in Pakistan such as Careem, a fact that is true for other international markets as well (Lyft anyone?). It also needs to invest more in training personnel and ensuring the safety of its passengers.
But like it or not, Uber is in for the long haul here.