Online room renting service Airbnb said on Thursday it had raised $1 billion in its latest round of funding, valuing the company at $31 billion.

Airbnb raised $447.85 million as part of the funding, a source close to the company told Reuters. The company said in September it had raised about $555 million as part of the same round of funding.

Airbnb, which operates in more than 65,000 cities, has enjoyed tremendous growth as it pushes ahead with its plans of global expansion.

The company turned in a profit on an EBITDA basis in the second half of 2016 and expects to continue to be profitable this year, the source said, adding that Airbnb had no plans to go public anytime soon.

The company is locked in an intensifying global battle with regulators who say the service takes affordable housing off the market and drives up rental prices.

Airbnb has decided to use its billions in venture capital funding to start making investments and acquisitions of its own. The company recently bought payments startup Tilt and vacation rentals manager Luxury Retreat for hundreds of millions of dollars combined.

Airbnb also has big plans to invest in growth around the world, especially in China. It is launching new features that expand its offerings, including “Trips” and “Experiences” that allow vacationers to book unique activities through Airbnb’s platform.

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Biplab Ghosh

Biplab lives his life around technology and is particularly keen to explore the intersection of technology and human behaviour. Always looking for new ideas, and ways that can make things simpler. He is a geek with the flair for travel and has great passion for music and theatres.

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