BusinessNews

Uber ahead of Xiaomi, Airbnb as the most valuable startup in the world

Uber is now the most valuable startup in the world. CNNMoney has confirmed that the company has closed a new round of funding of nearly $1 billion.

According to PrivCo, a data provider on privately-held companies, this values the firm at close to $51 billion. That means it surpasses Chinese smartphone company Xiaomi as the most valuable privately-held company. Xiaomi was most recently valued at $46 billion, according to PrivCo. Airbnb comes in third; it’s valued at over $25 billion.

Uber’s valuation has increased by $10 billion in just seven months, said PrivCo research analyst Chris Pisarski. The company had raised $1.8 billion at a $40 billion valuation in just December.

While it took Facebook nearly seven years to achieve a $50 billion valuation, Uber has hit it in just five years. The service operates in more than 300 cities in 58 countries.

The new funding comes from investors including Microsoft and Bennett Coleman & Co., an India media conglomerate. These are new investors to Uber — or at least newly disclosed investors, according to PrivCo. (Previous rounds have included undisclosed funders.) Microsoft declined requests for comment.

The money will be used to grow its markets in India, where it has committed to investing $1 billion in its operations in the next nine months, as well as in China.

Tags

PC Tech

Posts on this account are made by various editors.
Back to top button
Do NOT follow this link or you will be banned from the site!
Close

Adblock Detected

Please disable your adblocker to continue accessing this site.