Five years after its launch, Uber is valued at more than $50 billion. The ride-sharing company just announced a new funding round, in which it raised nearly $1 billion.
Just shy of $51 billion, Uber’s new valuation puts it on par with Facebook in 2011, the only other venture capital-backed startup to have surpassed $50 billion to date. It also means Uber has pulled ahead of Chinese phone maker Xiaomi to become the most valuable private startup in the world.
News of the funding comes hours after Uber announced its plan to invest $1 billion in the Indian market.
This past December, Uber was already valued at $40 billion, a staggering sign of the company’s ambitions. Uber has not revealed plans to go public, but the bump in its valuation is yet another indication that an IPO must be around the corner.
[via the Wall Street Journal]