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Mobile App, Uber Seeking $10 Billion Valuation Following Funding Round

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The taxi cab ordering mobile app, Uber could be valued at more than USD10 billion following its latest funding round.

The company is said to be seeking fresh investment funding in the region of just under USD1 billion, which would push the company's valuation to the US$10 billion mark. That would see its value nearly triple from the USD3.5 billion it was valued at just last year when it raised USD258 million from investors.

The fast growing, if also sometimes controversial, mobile app lets users book taxis using their smartphone, and takes a cut of the taxi fare as commission.

It is controversial as some cities regulate taxis in a manner that Uber seems to have avoided, putting it on a collision course with taxi cab drivers and regulators. It also rewards users who sign up fresh users, leading to complaints about user spamming websites with invitation links so they can earn a commission.

Those troubles aside, the company has built up a large customer base.

Uber is raising new financing to boost growth and its operations, people with knowledge of the matter told Bloomberg News.

The company currently operates in 115 cities globally.

On the web: Bloomberg News

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Tags: uber