Uber, the on-demand Taxi-hailing company has reportedly raised a sum of $200 million from Russian billionaire Mikhail Fridman’s investment company LetterOne. The announcement was made today without revealing much details into the investment.
LetterOne was founded by Fridman in 2013 and is headquartered in Luxembourg. Over the years it has invested in various companies and had a net asset of $25 billion back in 2014. The company has plans of investing further into prospective tech start-ups from across the globe.
Mikhail Fridman said,
“We believe that Uber’s highly talented management team possesses the necessary vision and skills to build the company into one of the world’s preeminent technology businesses.”
The latest investment from LetterOne takes Uber’s overall valuation at $51 billion. Last month, Uber China subdivision raised almost $2 billion from a number of Chinese firms.
Uber previously said it had earmarked at least $1 billion in a previous fund-raising to grow throughout Asia, and it will use the additional financing to continue in the same vein. In September it raised $1.2 billion in venture capital from Chinese investors.
With this investment Uber looks set to propel its global operations especially in countries where it has to overcome stiff competition from regional players. In India, Ola is Uber’s main competitor where as in China, Uber has found it difficult to out-compete Didi Kuaidi.
Travis Kalanick, CEO of Uber said,
“Every day millions of people rely on Uber to get from A to B. Hundreds of thousands of drivers use our app to make money. Our goal is simple: reliable and affordable transportation everywhere, for everyone, at the push of a button. L1’s knowledge of emerging markets will be crucial in helping us make cities more accessible, opening up more possibilities for riders and more opportunities for drivers,”
Uber is the most-valued tech company in the world,where cab booking platforms are considered, Uber surely is ruling the roost. It recently broke Facebook’s record to become the youngest privately-held company to cross the $50 Bn valuation mark.