Uber has finished another funding round, the sixth in twelve months for the ride-sharing giant. The company was valued at £32 billion ($51 billion) this round, a £6.4 billion ($10 billion) increase in value since last year.
This makes Uber the largest private company in the technology industry, surpassing Chinese smartphone giant Xiaomi, cloud storage giant Dropbox and POV-camera startup GoPro. Uber has also reached the value of Facebook in 2011, right before its IPO.
Part of Uber’s massive valuation comes from its huge expansion, with the ride-sharing app available in 300 cities and 50 countries. Uber intends to make the app available in many more cities by the end of 2015, alongside hiring more drivers in places it is already available.
UberChina, a subsidiary of the main company, held its own funding round with local investors a few days ago. It will announce the results of that funding round in the near future.
On top of the massive growth of the ride-sharing app, Uber is also investing in commercial delivery. The goal is to reuse cab drivers for delivery in their downtime, giving drivers even more opportunities to make money.
Already picking up contracts from major retailers in the United States, the delivery platform appears to be another avenue for Uber’s success. The ride-sharing app has also been taken off road in the past few months, with the launch of UberBOAT in Istanbul.
Uber reported $400 million (£255 million) in revenue in 2014, but has said to investors it plans to hit $2 billion (£1.3 billion) in 2015. There was no mention of net profit, and considering the massive expansion and global lawsuits, we doubt the company wants to mention how much it is forking out this year.
The growth of Uber seems unstoppable, even with the lawsuits in Canada, France, South Korea, India, China, the US and the UK. The only country where it faces any major competition is China, where Didi Kuaidi controls 80 per cent of the ride-sharing market.
Uber has not commented on IPO plans, although at this point it must be considering a date. There are not many companies that remain private with this big a valuation, especially with no family-ties to the company.