Uber to raise around USD 200 mn of funding at a valuation of USD 3.5 bn from TPG

US based on-demand car service, Uber is expected to raise a fresh round of funding led by private equity firm Texas Pacific Group. Though the round hasn’t been closed yet, but is expected to be between USD 150 to USD 200 mn, at a valuation of about USD 3.5 billion, reports Techcrunch citing sources.

It is also expected that Google Ventures might also participate in the new funding round, along with existing investors like Benchmark.

The report comes two month after the Reuters report which suggested that Uber was seeking funding at a valuation of USD 1 bn or more. Though, Uber CEO Travis Kalanick had denied any such news  through a Tweet (dated May 1, 2013) and had mentioned that they had not spoken to any investor since November 2011.

Later this month Travis Kalanick had confirmed to Wall Street Journal that Uber is in talks with the investors, though he declined sharing details about how much Uber is expecting to raise, “I will not comment on valuation…You’ll have to speculate on your own,” he added.

Also, AllThingsD, mentions that “TPG, is aware of the perception of such a lofty valuation and has been endeavoring to negotiate more favorable terms for its investment.”

According to sources, the raised funds will be used in expansion of Uber’s offerings.

Launched in 2010, Uber offers services in more than 35 cities around the world and is rapidly working to expand its global footprints, currently it has its presence in Australia, Europe and US and had expanded its operations in Asian countries as well with its launch in Singapore this year in January and later in Taipei, (Taiwan) & Seoul, (South Korea).

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Uber has raised USD 57 million in funding so far, which include USD 37M in Series B funding round led by Menlo Ventures, Jeff Bezos, and Goldman Sachs in 2011 and was valued at USD 330 million at that time.