Uber has seen an impressive growth, and has now announced that it raised another $1.2 billion in funding. In total it has raised about $2.7 billion in funding, and is now reportedly valued at around $40 billion. In a blog post announcing the funding, CEO Travis Kalanick wrote that they would use the funds to make substantial investments, particularly in the Asia Pacific region. Also Read - Uber cab service resumed in 31 cities in India with new Lockdown 4.0 guidelinesAlso Read - Uber launches 'Uber Connect' package delivery service to rival Dunzo and Swiggy Genie
While the blog doesn t mention the list of investors, according to TechCrunch it includes the likes of Sequoia, TPG, Fidelity Investments, Wellington Management, Kleiner Perkins Caufield & Byers and Menlo Ventures among others. Also Read - Uber to operate 'Essential' cab service to hospitals and pharmacy stores in 4 cities
The investment couldn t have come at a better time for Uber, which was recently banned in Thailand, was also voluntarily abandon operations in Nevada after a court order. In India as well, the luxury cab service has been stifled by the Reserve Bank of India (RBI) regarding its payment system. Earlier this month, Uber finally complied with RBI s two-step authentication mandate, but not before calling it cumbersome and burdensome.
That isn t all either. The company has also come under severe criticism, when news of Uber general manager Josh Mohrer illegally tracking Buzzfeed journalist Johana Bhuiyan got out. There was further damage to the company s reputation when another Uber executive Emil spoke offhandedly at a dinner party of indulging in a smear campaign against journalists who malign Uber s image. He even envisioned investing $1 million into investigating into the lives of journalists.
Uber has since then been on damage control mode, and Kalanick wrote how he has taken steps to turn the company to a more smarter and humble organization.
This kind of growth has also come with significant growing pains. The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed. Fortunately, taking swift action is where Uber shines, and we will be making changes in the months ahead. Done right, it will lead to a smarter and more humble company that sets new standards in data privacy, gives back more to the cities we serve and defines and refines our company culture effectively.