According to regulatory filings, the US-based online cab hailing service, Uber Technologies Inc has increased the size of its recent Series E round of venture financing by $1 Bn, bringing the total funding round to $2.8 Bn.
Uber has recently raised $1.2 Bn in Series E round from a group of unnamed investors. However, The Wall Street Journal reports says that the New Enterprise Associates (NEA) and Middle East sovereign wealth fund, Qatar Investment Authority, had participated in the round. US-based Valiant Capital Partners and Lone Pine Capital had also co-invested in the round that valued Uber at $40 billion.
Earlier in July last year, the company had raised $1.2 Bn in funding from Fidelity Investments, Wellington Management, BlackRock Inc, Summit Partners, Kleiner Perkins, Google Ventures, and Menlo Ventures. Prior to that, Uber had raised over $361.2 Mn in funding led by Google Ventures, which injected in $258 Mn.
Uber was launched in 2009 and headquartered in San Francisco. It is the most heavily-funded online car hire services in the world. It enables users to request a ride any time using its app, as well as from its mobile site m.uber.com.
In India, the company is operational since October 2013 and is already present in 11 cities — Bangalore, Chandigarh, Chennai, Jaipur, New Delhi, Pune, Ahmedabad, Kolkata, Hyderabad, Mumbai, and Kochi.