comscore Uber to raise another $1 billion at a valuation of $60-70 billion: Report

Uber to raise another $1 billion at a valuation of $60-70 billion: Report


Uber is showing no signs of slowing down, despite facing protest and other kinds of issues in some countries. Just months after it reportedly raised $1 billion at a valuation of $50 billion, the cab aggregator is believed to be preparing for another round of funding in the tune of $1 billion. Also Read - Uber cab service resumed in 31 cities in India with new Lockdown 4.0 guidelines

Also Read - Uber launches 'Uber Connect' package delivery service to rival Dunzo and Swiggy Genie

Citing people close to the matter the New York Times says that Uber is close to raising another $1 billion from its investors. This round will raise the company s valuation to between $60 billion to $70 billion, making it the most valuable private startup in the world. Also Read - Uber to operate 'Essential' cab service to hospitals and pharmacy stores in 4 cities

Since its launch in 2009, Uber has expanded its operations to 63 countries, with big focus in India and China, which they consider as big priorities . In August, the company managed to raise $100 million from Tata Opportunities Fund.

Uber recently announced its plans to invest $1 billion or Rs 6,400 crore in its India operations in the next nine months. With an eye on its closest competitor Ola, Uber is aiming to use the investment to expand to new cities and also touch a million trips per day. The company now operates in 22 cities across India, and is reportedly spending $50 million to set up a global office in Hyderabad.

ALSO READ: Ola reaches 1 million trips per day milestone, eyes 3 million trips a day by April 2016

As mentioned above, Uber s closest competitor in India is Ola. Since its inception, the company has served 25 million customers, and also caters to over a million trip requests a day. It operates in 102 cities across India, and going forward it plans on raising that number to 200. It is also eyeing three million ride requests a day by April, 2016.

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  • Published Date: October 25, 2015 12:31 PM IST

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