UberIPO: Inside the 2008 pitch that birthed an $80 billion startup by bizcarson
On Friday, Uber starts trading on the New York Stock Exchange after raising $8.1 billion in the biggest U.S. IPO in five years. Over 91 million people use it monthly.
Expectations exceeded when it comes to scale, but vows made in Uber cofounder Garrett Camp's original pitch to investors that it was "profitable by design" look laughable in hindsight. It booked $3 billion in operating losses last year; some investors doubt it will ever make a dime. Another thing the founders couldn't predict: how Kalanick, the public face of Uber's hard-charging ways, would be sidelined during the IPO hoopla. After a string of scandals led to his ouster, replacement Dara Khosrowshahi made the final pitch to investors.took a look at what else Uber's cofounders got wrong and got eerily right , when they wooed investors 11 years ago.
did nearly $1.5 billion in revenue in 2018, and 40% of its customers had never taken an Uber ride before. Food delivery just in the U.S. is expected to become a $24 billion business by 2023.A few million? Uber would go on to raise over $20 billion in a mix of equity and debt, including from investors such as SoftBank. Its IPO alone generated over $8 billion for the company.
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