On one hand, world’s top cab service providers are coming together to stop Uber from getting any more big, on the other Uber still continues to deepen its pockets and is becoming somewhat unstoppable. In a counterattack to the newly formed alliance, Uber is looking to raise $2.1 billion in a fundraising round led by Tiger Global and other investors.
Notably, Tiger Global also happens to be an investor in India-based Ola, Uber’s cut-throat competitor. It would be worth witnessing what impact would it make on relationship between Tiger Global and Ola.
If this fund raise succeeds, Uber’s worth will rise to as much as $62.5 billion. Interestingly, this fund would be primarily used for investments in India and China.
India’s Ola, China’s Didi Kuaidi Joint Co., US-based Lyft and Singapore-based GrabTaxi today officiated the global taxi alliance to collectively take on Uber. However, this doesn’t seem to make any dent in Uber’s intentions and the company is marching ahead in Asian countries as it has always been.
The alliance, which will officially kick off its operations in first quarter of next year, will allow customers to book rides on the apps of these four companies whenever they are travelling to India, China, the US, Singapore and other parts of Southeast Asia.
Moreover, Uber’s fund raising is far more than the collective fund raise of all the four parties forming the alliance. Ola, Didi Kuaidi, Lyft and GrabTaxi have raised more than $7 billion while Uber has raised close to $10 billion since starting out in 2009. And now Uber is planning to raise another $2.1 billion which would take the company’s worth to a whole new level.
In fact, seamless cash flow has been one of the key factor for Uber’s success in 67 countries of the world. With every fund raise, it goes bigger and fuels its operations as efficiently as it could.
Uber also announced in July this year that it would invest $1 billion in India over a period of nine months to further scale up its operations.
The new fund raise seems to be en route. Uber has already filed paperwork in Delaware giving details about the fundraising wherein the company said it plans to raise $2.1 billion from investors including Tiger Global, which will be investing in the company for the first time.