Uber is a car service that sends a driver to a user on-demand when he or she pings a mobile app. Investors think the business is worth a lot of money – $3.4 billion to be exact.
That's up from a $330 million valuation in November 2011.
If you've ever tried Uber or live in a city where taxis are unreliable, you know Travis Kalanick's team is on to something big. People are willing to pay up to avoid being late or stranded.
But how can Uber be worth multiple billions? And how will Uber impact more than our punctuality in the future?
Right now, Uber only lets you hail cars from your phone. It started as a luxury black car service in 2009, but now it offers cheaper options, like Sedans (Uber X) and taxis. There are no reservations. The app only accepts real-time requests.
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