Sources have reported that Uber could be planning to use a significant slice of the new funding to boost its presence in the Indian market, where its key competitors in the ride-hailing sector will include companies like Ola. The company was valued at £32 billion ( billion) this round, a £6.4 billion ($10 billion) increase in value since past year.
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“We aren’t statement on extraneous belief”, she replied.
In addition, in late June Microsoft transferred its mapping operation to Uber, getting out of the business of creating map imagery internally.
It had said last month that it would invest more than $1 billion in China this year as it looks to rev up growth in the world’s second largest economy.
The latest implied valuation of the tech startup reaches the $50 billion “high-water mark”, as the financial publication termed it, set by Facebook in 2011.
“Uber has grown exponentially in India“.
Microsoft’s participation is a new development, and may indicate a growing partnership between Uber and the software giant, which is based in Redmond, Washington. The said investment is reported to be around $100 million. And in March, Times Internet, the digital venture of the Times of India Group media conglomerate, said it had agreed to a strategic investment in Uber.
In addition to the current interest being shown by Microsoft Corporation (NASDAQ:MSFT) in Uber Technologies Inc., the car-booking technology provider led by Chief Executive Officer Travis Kalanick had attracted additional investors in the recent past.
Moorhead also believes there’s a role for Microsoft’s Azure cloud service to play in powering Uber.
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The two companies have also combined to integrate Uber into Microsoft’s Cortana voice-controlled assistant so that it can hail an Uber ride for users as a scheduled meeting on their calendar approaches. It is an evidence of the fact that the two companies will remain partners in the future too. Uber connects travelers with drivers through its smartphone app and is an alternative to traditional taxi services.
