Uber to Raise $1 Billion Funding With $70 Billion Valuation

The taxi hailing startup Uber is looking to raise another 1 billion of venture capital funding which will likely place its value between $60 to 70 billion, according a report from The New York Times.

The new funding round has come just after three months of Uber raising $1 billion for its China operations. And it is also going to be 8th funding round for Uber in five years.

Travis Kalanick, the CEO of Uber, had said last week that there were still no chances of Uber going public.

The statement from the CEO came after one of its board members, Bill Gurley, warned that the new startups should not remain private for a longer period of time.

Uber’s current valuation is believed to be $50 billion which is more than the valuation that Facebook got in its last private funding round in 2011.

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