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    Economy

    Uber seen reaching global bookings of $10b in 2015: fundraising presentation

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    2015-08-24 09:17Global Times/Agencies Editor: Li Yan

    Uber Technologies Inc's global bookings are projected to rise nearly threefold to $10.84 billion this year and reach $26.12 billion the next year, Reuters reported on Friday, citing a recent presentation for potential investors.

    The ride-hailing service, which operates in over 50 countries and regions, keeps 20 percent of booking revenue, showed a confidential slideshow prepared by Chinese bankers with input from Uber, aimed at soliciting investment in a fund participating in Uber's series F financing.

    Based on those figures, 2015 revenue would be roughly $2 billion.

    A spokeswoman at Uber's San Francisco headquarters, when asked about the presentation, said the company does not comment on "rumor and speculation".

    The undated presentation featuring data from as recently as June offers a glimpse of the explosive growth of the 6-year-old firm, last valued by investors at $50 billion - the most for a privately held technology firm worldwide.

    Uber links passengers and drivers via apps, earning revenue Chief Executive Travis Kalanick last year said was doubling every six months. But its services have been banned in several cities where, for instance, drivers have not held commercial licenses.

    Bookings reached $2.91 billion last year and $687.8 million in 2013, according to the presentation, which does not feature expenses or say whether Uber is profitable.

    The slideshow also said State-owned China Life Insurance Co and China Taiping Insurance invested in Uber in 2014, adding to a shareholder base numbering India's Tata group and Bennett, Coleman & Co.

    China Life confirmed the investment. China Taiping declined to comment.

    The presentation was prepared for potential investors in a fund holding shares of Uber Global and Uber China, a separate company formed for the Chinese mainland.

    It contained operational data for both entities but did not break out financial details of Uber China.

    It also forecast an IPO of Uber Global within 18 to 24 months. Kalanick and people close to the firm have in the past declined to discuss any timetable.

    Uber is widely believed to be losing money as it offers financial incentives to drivers to gobble up market share. It is also dealing with numerous legal and regulatory issues and bans in countries and regions including France, Spain and Thailand.

      

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