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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Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.