Uber Seeks Another $600M, Cuts Q1 2018 Losses In Half: Report

Uber is presently pursuing yet another round of private financing, seeking between $400 million and $600 million at a valuation of $62 billion that's lower than its $69 billion peak from 2015 but also significantly higher than the $48 billion figure SoftBank used as a base for its late 2017 investment that saw it acquire a 20-percent stake in the ride-hailing startup. TechCrunch reports that Uber is seeking additional funding simultaneously with the release of its first-quarter financials, boasting of reduced losses that have been cut in half compared to the same period last year and now amount to $304 million.

Gross booking continued to rise as well, reaching $11.3 billion over the first three months of the year, up 55-percent annually, as per the same source. As of March 31, Uber's gross cash balance amounted to $6.3 billion. Investors seeking to participate in the firm's latest funding round reportedly include TPG, Coatue, and Altimeter. Uber already received a $1.1 billion financial injection from SoftBank as part of the aforementioned investment and with its cash reserves remaining sizeable, it's presently unclear why the company is pursuing another financing round. Its employees with 1,000 or more shares are also allowed to participate in the funding initiative, albeit no one is allowed to sell more than $10 million worth of stock.

The San Francisco, California-based firm is planning on reinvesting its over-performing capital "even more aggressively" in 2018, CEO Dara Khosrowshahi said, suggesting Uber's loss reduction may be reverted in the near term. The company has raised more than $21 billion in funding to date and lost $4.5 billion in 2017 alone, with Mr. Khosrowshahi repeatedly stating he's targeting a 2019 initial public offering ever since taking the reins of the firm last summer. The startup's first-quarter revenues reached $2.5 billion and are still on the path of growth, according to the same report. Uber's long-term strategy comes down to creating a futuristic mobility platform encompassing everything from self-driving cars and boats to flying taxis and bike rentals.

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Dominik started at AndroidHeadlines in 2016 and is the Head Editor of the site today. He’s approaching his first full decade in the media industry, with his background being primarily in technology, gaming, and entertainment. These days, his focus is more on the political side of the tech game, as well as data privacy issues, with him looking at both of those through the prism of Android. Contact him at [email protected]