Taxi service provider, Uber raises $2.1 Billion taking its value to $64.6 Billion

By | December 5, 2015

File illustration picture showing the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign

Cab aggregator, Uber Technologies has raised $2.1 Billion in a fresh round of funding led by Tiger Global Management and T. Rowe Price, reports The Wall Street Journal. With this fund, Uber raises its valuation to $64.6 Billion. The report also suggests, Uber has raised more than $10 Billion in equity and debt.

The new funding shows the intention of Uber for its global expansion. The company wants to expand its services beyond the taxi services. Recently, the company has tested food and package delivery services in some cities. The company is also working on Self driving car technology.

No confirmation has been given about this development from Uber India. Tiger Global Management is also a investor in Uber’s Indian rival, Ola. Uber is one of the largest taxi aggregator in world and India is its second largest market after United States. The president of Uber India, Amit Jain had said in July that the company will invest $1 Billion for expansion of its service in 18 cities of India over nine month period. Uber had also launched its carpooling service named UberPool in this September in Bangalore.

Uber has raised this fund, after four of its rivals have joined to take on the company. India based Ola, China based Didi Kuaidi, US based Lyft and Southeast Asia based GrabTaxi has announced global alliance. This alliance will give customers to book taxi from all the companies by using same apps.