Business, Investments

US-Based On-Demand Car Service Uber Adds $1B More to its $1.8B Series E Round


Image Source: Uber

After raising USD 1.6 billion in convertible debt from Goldman Sachs’ wealth management clients in January this year, now US-based on-demand car service Uber has added $1 billion more to its $1.8 billion series E round, as per a VCCircle report.

The company had secured $ 1.8 billion Series E funding in December 2014 in two transactions – $1.2 billion from New Enterprise Associates, Lone Pine Capital, Valiant Capital Partners and Qatar Investment Authority & had kept the option of raising $600 million more from Baidu. Till date, Uber has received $5.9 billion funding in 10 rounds from 39 investors.

Its rival, Malaysia-headquartered taxi app, GrabTaxi has secured USD 250 million funding round from Softbank recently. And its rival in India, Ola, too had raised USD 210 million from Softbank.

Earlier this month, the firm had announced that it is looking to acquire an Indian radio taxi service Meru Cabs which is currently valued at around USD 400 million.

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