Uber has big, ambitious plans. Don’t be tricked into thinking its just a taxi-hailing app, it’s plans are much larger than that.
It’s heavily investing in self driving cars.
It’s working on a nation-wide same day delivery network.
And it continues its aggressive rollout of its signature taxi-hailing business both domestically and internationally, despite fierce legal opposition from the powerful taxi lobby.
But all this takes money and so Uber is now in the process of raising between $1.5 and $2 billion in a new funding round that would value the company at more than $50 billion, according to the Wall Street Journal.
This is significant because it would make San Francisco-based Uber the highest-valued private startup of all time. Facebook is the only other company to get close to this mark.
To get a sense of just how impressive Uber is, the valuation is reportedly going even higher than $50 billion because the grow in revenues of its existing businesses is astounding.
Sources who have seen confidential financial documents say its one of the most runaway business success stories since Google.
While not as large as Facebook, given the company only did $400 million of revenue for its $50 billion valuation compared to Facebook’s $2 billion, the company is far more profitable and its business seems to have far more certainty.
Facebook could easily be replaced by Snapchat, for instance, and has had to resort to buying competitors in the past to defend its business. Uber seems like a far more stable enterprise with high customer and supplier captivity
The funding rumors explain how Uber had the deep pockets to make a $3 billion bid for Nokia’s Here Maps unit.
Stay tuned for more developments from this company as it attracts even more funding and is able to grow even more ambitious.