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August 3, 2015

Uber value soars to £51bn after funding round

Microsoft invests $100m in online taxi-hailing firm.

By Vinod

Online taxi-hailing firm Uber Technologies has closed a new round of funding, pushing its value to around $51bn.

Citing people familiar with the matter, the Wall Street Journal reported that Uber raised approximately $1bn in the round, bringing its total funding to over $5bn.

Microsoft and the investment arm of Indian media firm Bennett Coleman & Co. are among the companies that have participated the latest funding round.

The news agency added that Facebook took seven years to reach the $50bn valuation milestone, with Uber reaching the same milestone in just five years.

Uber, which was earlier valued at $40bn, is using the money to expand its operations to global cities. Last week, the company said it would invest $1bn in India in the next nine months.

The company recently secured an investment in the range of $1bn from Chinese fund manager Hillhouse Capital Group. In January, it received $1.6bn convertible debt from the Goldman Sachs Group.

Uber is reportedly acquiring some of Microsoft’s map-generating technologies, in efforts to boost its own mapping service which forms the core of the ride hailing service.

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