Published On: Tue, Jun 2nd, 2015

In first 5 years, Uber grew faster than Facebook

Uber crosses $50 billion-mark in just 5 years, compared to 8 years taken by Facebook

Uber CEO Travis Kalanick works with fourth graders during Cooking Matters,   a nutrition class taught by 18 Reasons,   a local partner of Share our Strength at Glen Park Elementary School in San Francisco

In the first 5 years since its inception Uber grew faster than Facebook, Business Insider reports.

In 2009, Uber was initially founded as “UberCab” by Travis Kalanick and Garrett Camp. The mobile service was launched in San Francisco in June 2010. The online car sharing company saw enormous growth during its first three years, turning into a $3.4 billion company within that period.

The ride sharing App caught the imagination of customers in major cities across the world. Today, Uber offers services in more than 300 cities worldwide. The popularity of the taxi-hailing service was soon translated into market valuation. In 2014 the value of the company touched $40 billion.

But that is based on its valuation from investors, not revenue or stock value. The company has yet to go public.

According to recent media reports, Uber reached the $50 billion-mark in May 2015. Uber has now earned the title of the world’s most-valued start-up. Despite running into troubles with city regulators and facing protests from cab operators in various cities, markets have seen a consistent surge in Uber’s worth.

It took Facebook 8 years to cross the $50 billion-mark. Facebook’s value nearly doubled when the company launched an IPO in 2012. Today the social media company is estimated to be worth $225 billion.

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