Uber Gains More Investments from Saudi Arabia Public Investment Fund
Uber, a US tech company is providing a on demand transportation service using mobile application will be getting $3.5 billion in fresh investment coming from Saudi Arabia Public Investment Fund. Senior vice president for Uber China Liu Zhen said, that currently the G-round fundraising of the company has already reached $6 billion. The $3.5 billion coming from the Saudi Arabia’s Public Investment Fund will support the global business expansion of Uber which includes the Chinese Market.
Uber said the company valuation has reached $62.5 billion before it started the G-round fund raising. After the Middle East kingdom investment fund, both the single round fund raising and valuation of the company became one of the largest investments in a privately held startup. For the taxi hailing app that is used in 460 cities in 69 countries, competition with Uber and other local enterprises will always be there and will continue as the company continues to expand and cover more territories.
In September, Uber also confirms an additional $1.3 billion in funds that will come from Chinese technology company Baidu Inc. in China alone Uber is spending millions in a subsidy war between Didi Chuxing, a major local competitor that is backed bu Alibaba Group Holdings and Tencent Holdings.