Uber raises $3.5bln

Hot Now

San Francisco: Uber announced Wednesday that the Public Investment Fund of Saudi Arabia has pumped $3.5 billion into the ride-sharing giant, helping fuel its global expansion plans.

Terms of the investment give what was already one of the largest venture-funded startups a valuation, or implied value, of $62.5 billion, according to the company.

The deal comes as Saudi Arabia strives to diversify its economy away from reliance on oil production to include more entrepreneurship, open markets and productivity.

The new funding also helps Uber's global expansion, including in the Middle East and North Africa, which the company see as among its fastest-growing regions.

In addition to the investment, which will boost Uber's cash holdings to more than $11 billion, the head of the Saudi fund, Yasir Al Rumayyan, is joining the Uber board.

"We appreciate the vote of confidence in our business as we continue to expand our global presence," Uber chief executive Travis Kalanick said in a statement.

"Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers and cities and we look forward to partnering to support their economic and social reforms."