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A new round of funding has increased Uber's valuation to around $51 billion. The New York Times cites anonymous sources in reporting that Microsoft contributed about $1 billion, "a substantial amount of the financing." As you may remember, Uber recently acquired mapping assets and talent from Microsoft's Bing search engine division. Microsoft's participation in the latest funding round may indicate a "strategic alliance" between the company and Uber.
Uber needs all the billions it can get its hands on. It has followed June's announcement of $1 billion of investment to expand in China with a new $1 billion bet - this time to expand Uber India. Uber was recently banned in Delhi after a driver allegedly raped a female passenger. The company resumed operations in January anyway, and an Indian court lifted the ban on July 8.
Uber will face tough competition in India; existing firm Ola reportedly operates twice as many daily rides as Uber in over 100 cities, and is being valued at a measly $2.4 billion.
(Score: 1) by Hyperturtle on Sunday August 02 2015, @02:45PM
It's true that Microsoft has been on the stock market for decades. I would also consider it to be true that many of the things they do are considered illegal in the countries the services are provided in, and that Wall Street has drooled in the past about profiting from such enterprise.
Uber is in good company, if perhaps not a good company for other reasons.