June 2, 2016 Comments Off on Uber gets $3.5 billion cash infusion from Saudi Arabia
In the wake of Apple’s $1 billion investment in Chinese ride-hailing company Didi Chuxing, Uber has turned to Saudi Arabia’s Public Investment Fund for its biggest round of financing. The kingdom’s sovereign wealth fund infused $3.5 billion into Uber, making this one of the biggest single investments collected by a privately-held tech company. The latest funding continues to value Uber at $62.5 billion. The ride-hailing giant currently operates in 15 cities and nine countries in the Middle East, including Saudi Arabia. According to sources, the money will help Uber further defend and expand its territory against competitors like Lyft, Didi Chuxing, Grab, BlaBla Car and others.
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