Cab aggregator Uber raises $2.1B in new round

Ride-hailing company Uber Technologies Inc has raised $2.1 billion in a new round of funding that takes its valuation to $64.6 billion, The Wall Street Journal reported.

The round was led by Tiger Global Management and T. Rowe Price, the report said. Prior to this round, Uber had raised more than $10 billion in equity and debt, it added.

A spokesperson for Uber India could not confirm the development.

Tiger Global is also an investor in Uber’s Indian competitor, Ola. India is Uber’s second-largest market after the US. In July, Uber India president Amit Jain said the company would invest $1 billion in India over nine months for expansion in 18 cities. Uber had launched its carpooling services, called UberPool, in Bangalore in September.

Uber is one the world’s heavily funded startups. Marquee names such as Fidelity Investments, Wellington Management, BlackRock Inc, Summit Partners, Kleiner Perkins, Google Ventures, Menlo Ventures, New Enterprise Associates and Qatar Investment Authority, among others, have put money in the company. Tata Capital’s flagship private equity fund Tata Opportunities Fund (TOF) has also invested an undisclosed amount in Uber.

The fundraising comes as four of its rivals – India’s Ola, China’s Didi Kuaidi, US-based Lyft and Southeast Asia-based GrabTaxi – on Thursday announced a global alliance that enables customers to book cabs from all the companies using the same app. The alliance will cover most of India, China, Southeast Asia, and the US.  

Lyft is also looking to raise $500 million of funding at a valuation of $4 billion, The New York Times reported last month.

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