Uber is planning to raise $2.1 billion in a fundraising round led by Tiger Global, which will be investing in the company for the first time, and other investors, valuing the company at $62.5 billion, According to a PTI report citing sources. Tiger Global is also an investor in OlaCabs, Uber’s rival in India.
According to a PTI the funds raised will be used primarily for investments in India and China. The company, which had in July committed $1 billion to expand Indian operations, is likely to announce the next round of investment for the country early next year. Uber, which launched Indian services in 2012 in Bangalore, is present in about 22 Indian cities now. It has identified India as a priority market and is its largest outside the US.
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First Post says the fund-raising comes at a time when Ola has inked a pact with global peers – Didi, Lyft and GrabTaxi – that will allow users of these ridesharing apps to seamlessly travel across India, China, the US and Southeast Asia.
Uber has presence in 67 countries. The alliance claims to have presence in all of Southeast Asia, India, China and the US, reaching nearly 50 percent of the worlds population.
