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Report: Microsoft backs Uber in $1 billion funding round

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Uber

Uber may have closed a funding round that values that company at just over $50 billion.

A report by the WSJ, which cites “people familiar with the matter”, claims the ride-sharing company raised $1 billion in the latest round.

What’s more, Microsoft is reported to be amongst the backers investing in Uber.

The company has now racked up between $5 and 6 billion in total funding as a result.

The funding is necessary for Uber to enact its plans to expand further globally.

For instance, Uber yesterday revealed it plans to spend $1 billion over the next nine months for an Indian expansion.

“Uber has grown exponentially in India, a global priority market for us, which has also quickly become the largest market geographically for Uber outside the US,” said Uber’s India President Amit Jain.

He added: “We are extremely bullish on the Indian market and see tremendous potential here.”

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Uber is now five years old, and is currently operating in over 300 cities worldwide – 18 of those are in India.

The company also announced last month that it would be investing $1 billion in the China market too.

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