Uber is looking forward to raise $1 billion in a latest round of funding, as per latest report from The Financial Times. The popular on demand car service secured $1.2 billion funding in June this year.
Uber supposedly wants to raise another $1 billion, aiming for a $17 billion valuation to help fuel its international growth. The report further states that Uber saw “strong demand among investors this summer” and cryptically “hopes to take the opportunity to build a balance sheet ‘proportionate’ to the scale of its business.”
The latest investment in the company can be from existing investors including Fidelity Investments and BlackRock, although there is a possibility of new investors. Since its inception five years ago, Uber has secured over $1.5 billion in funding until now. Uber currently operates in more than 228 cities in 45 countries around the world and is looking to continue its expansion into Asia, Latin America, Eastern Europe, and Africa. It is rapidly expanding in Indian market and is already present in over 10 states in the country.
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