September 16, 2014 0 Comments
Digital hitchhiking or taxi disruption? Whatever your view, a few years ago, sharing a ride with total strangers would’ve been unthinkable to the greater populous, but today, the exponential growth of services like Uber, Lyft and SideCar only proves that the ride-sharing lifestyle is fast gaining traction. Most of these companies have a smartphone app that works on both iOS and Android. The app allows a customer to see drivers who are in the area and inform the customer how long it will take for a car to arrive. What makes peer-to-peer transportation so appealing is that it’s cheaper than using regular taxis. Drivers are also vetted, payments are made securely via credit card, there’s no haggling and tips are not allowed. In short, they meet a need with a brilliant consumer value proposition. Despite problems with city regulations and run-ins with big taxi businesses, it seems that there’s no stopping these ride-sharing companies from gaining traction. To date, Uber has spread to 41 countries and has a market value of $18.2 billion. Lyft, was also most recently valued at $700 million. Today, SideCar revs up with a $15 million funding round from Sir Richard Branson.
Read about the funding here.
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