San Francisco-based online taxi-hailing startup Uber has raised $1 bn in a new funding round from Microsoft and Indian media conglomerate Bennett Coleman & Co.; Uber has reached the valuation of about $51 bn with this round.
The company will use the funds to expand its ride-hailing service into more foreign cities. Reportedly, the company had filed a document in Delaware in May to authorize the latest funding round.
Microsoft has also recently sold its map-generating technology to the ride-hailing app. As part of the deal, around 100 employees are set to transfer to Microsoft as part of the maps deal.
Founded in 2009 by Travis Kalanick, Garrett Camp, Uber is a technology startup which is innovating at the intersection of lifestyle and logistics. It connects riders with safe, reliable, convenient transportation providers at a variety of price-points in cities around the world.
After this funding, Uber has exceeded the private company venture funding record set by Facebook; Facebook reached a $50 bn valuation in 2011 when Goldman Sachs sold shares in the startup to wealthy foreign investors – reported WSJ. Also, Uber has reached this level in just 5 years while Facebook took 7 years.
India being the second largest and fastest growing market for Uber globally, it is investing significant resources into this market’s continued growth as the number of taxi service providers, especially in metros which have seen a phenomenal growth in the past couple of years.