Uber Technologies Inc. expects worldwide bookings to balloon to $26.12 billion next year from just $2.91 billion last year despite regulatory challenges as more commuters prefer to use its ride hailing service than traditional taxis, Reuters reported.
Citing a document presented to potential investors, the wire agency said Uber would likely generate $2 billion in revenues this year based on the 20 percent cut it will get from the projected $10.84 billion in booking fees globally.
Uber declined to comment on the matter, telling Reuters it does not respond to rumors and speculations as a policy.
Reuters noted that the undated presentation shows Uber's rapid growth--bookings were only at $687.8 million in 2013--even as it has been banned in several cities and faces labor lawsuits in the United States .
The report, however, said the presentation, prepared for potential investors in a fund with a stake in Uber, focused only on the company's booking projections and does not include data on expenses and earnings. Reuters added that analysts believe Uber is in the red as it provides subsidies to support drivers in luring away customers from taxis.
Still, the report said Uber's potential has successfully drawn in investors that include state-owned China Life Insurance Co , China Taiping Insurance , India's Tata group and Bennett, Coleman & Co Ltd, Silicon Valley venture capitalists Benchmark and New Enterprise Associates, and the Qatar Investment Authority.
Last month, the Wall Street Journal and New York Times reported that Uber raised $1 billion from private placements from several investors that included tech giant Microsoft Corp. The reports said the San Francisco-based Uber, which was founded in 2009 but now operates in 50 countries, has raised $5 billion in total from investors.
It added that the presentation is projecting for Uber, one of the highest-valued privately held company $50 billion to launch an initial public offering within 18 to 24 months.
