The popular car-sharing startup Uber Technologies Inc could see its value top US$30 billion after a new round of funding, the Wall Street Journal reported on Saturday.
The San Francisco-based firm, which lets customers hail and pay for taxis or private vehicles via smartphones, has told investors it is planning a new round of financing that could total up to US$2 billion, the Journal reported, citing people briefed on the matter.
The newspaper said Uber could raise as much as US$2 billion, and the new round of financing could push the company’s value past US$30 billion. Discussions are still in the preliminary stage and no investors have so far committed.
By comparison, Twitter Inc currently has a market value of just under US$25 billion.
Uber already raised US$1.2 billion during an initial round of funding in June, and was valued at the time at US$17 billion.
The Journal said the business might not need fresh capital, but wants to make the most of low capital costs and build its war chest.
Founded in 2009, Uber is now present in more than 200 cities and in 45 nations. Chief executive officer and co-founder Travis Kalanick said revenues are doubling every six months. The rapid expansion has caused deep tensions with traditional taxi drivers, especially in Europe.
Uber is best known for its smartphone app that enables people who need a ride to connect with local drivers. The app uses GPS to put the user in contact with the nearest driver. Uber charges a commission for each ride.
Morgan Stanley employees can use Uber cars for company trips, making the bank one of the first firms to make it policy to reimburse employees for the service.
“Employees expressed their strong affinity for the convenience Uber offers them in their personal lives and wanted that flexibility for their business travel needs as well,” Morgan Stanley human resources chief Jeff Brodsky said in a statement on Thursday, last week.
New York-based Morgan Stanley, the top underwriter of technology initial public offerings (IPO) last year, joins Deutsche Bank AG and Barclays PLC in offering support to Uber, which might be among the next Silicon Valley firms to access the public markets.
There have been 128 technology IPOs this year, the most since 2011.
Additional reporting by Bloomberg
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