Uber 'seeking $2.1 billion financing' that could take value above that of Vodafone and Barclays

Upward trajectory: Uber's revenue has reportedly grown 200% in the US in the last year
Hyungwon Kang/Reuters
Clare Hutchison4 December 2015

Uber could be worth more than blue-chip companies like Vodafone, Barclays and drinks giant Diageo if its latest fundraising attempt comes off.

The controversial taxi-hailing app, which is still sometimes referred to as a start-up, is reportedly seeking another $2.1 billion from investors.

That would value the company at $62.5 billion, Bloomberg said, citing sources.

The figure tops the market caps of Vodafone ($57.23 billion), Lloyds ($51.43 billion), Guinness owner Diageo ($47.18 billion) and Barclays ($38.19 billion).

It would also beat fellow US companies like Rupert Murdoch's 21st Century Fox, worth $57.71, Cadillac maker General Motors, worth ($55.2 billion), and Netflix, worth $54.2 billion.

The latest fundraising would take the total investment taken in by Uber to $10 billion.

Bloomberg said it is a sign that the company, which has been agressively expanding around the world, is looking to develop services other than its car-booking business.

It has so far tested food delivery and is working on technology for innovations such as a self-driving car.

It comes amid as rivals intensify competition in the sector.

Lyft, its biggest challenger in its home market of the US, is courting investors hoping for a $500 million cash injection, while Chinese firm Didi Kuaidi earlier this year took in another $3 billion.

Uber has told prospective investors in its latest financing drive that it has a gross revenue run rate of more than $10 billion globally, Bloomberg reported.

The number is based on revenue from a recent period, which is then annualised, so actual revenue could be different, it added.

However, it is thought gross revenue in the US has increased 200% this year.

Uber's rise has not been plain sailing, however, with many national regulators concerned about the safety of its service and the impact on traditional taxi services.

Transport for London has proposed changes to minicab regulation that could threaten Uber's business model, though the app recently won support from the head of the UK competition watchdog who warned regulators not to “slam the brakes on innovation”.

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