Industry

Uber looks to pick up another $1bn in equity

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U.S. taxi service firm Uber said it was in early talks with investors to raise money at a higher valuation than $17 billion it secured with June’s round of funding, Financial Times reported on Friday citing people familiar with the matter.



Uber is planning to raise at least $1 billion more in capital from its existing investors, which include Blackrock, TPG, Google Ventures (capital investment arm of Google ) and Menlo Ventures, and new funds from beyond Wall Street and Silicon Valley, especially in Asia. The company still has $1 billion in the bank from its most recent round, Financial Times reported, citing people familiar with Uber’s finances.



The ridesharing company gained ground in Las Vegas last week when a District Court judge ruled against a restraining order that would have temporarily prohibited it from operating in Clark County, the Las Vegas Review-Journal reported.



Taxi drivers around the world have urged lawmakers to regulate or ban such services, which allow users to use apps on their smartphones to hire a private driver, rather than calling a taxi company.



Uber could not be immediately reached for comment.

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Printable version | Jan 26, 2020 4:18:03 AM | https://www.thehindu.com/business/Industry/uber-looks-to-pick-up-another-1bn-in-equity/article6578615.ece

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