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Uber Just Beat Facebook’s $50 billion Record

Uber has closed a new round of funding that values the company at $50 billion, The Wall Street Journal’s Doug MacMillan and Telis Demos report.

The ride-hailing company raised “close to” $1 billion in the new round of funding, sources tell The Journal.

The Journal reports that investors in the new round include Microsoft and Indian media company Bennett Coleman & Co.’s investment subsidiary.

And, as The Journal reports, Uber’s newfound $50 billion valuation means that Facebook is no longer the only company to have a valuation of that level before going public.

The new round could help Uber continue to expand in markets outside the US, including India, its second-largest market.

On Thursday, Uber announced it would be sinking $1 billion into its Indian markets to take on Ola, a rival car-hailing service in the country valued at $2 billion.

“We filed to authorize this new funding more than two months ago. The filing is available to the public,” an Uber spokesperson told Business Insider. “We aren’t commenting on additional speculation.”

Business Insider