RIYADH: Uber Technologies Inc said it received its biggest investment to date, raising US$3.5 billion from the Public Investment Fund of Saudi Arabia. The investment valued Uber at US$62.5 billion, the same amount as its previous valuation, the company said.
Yasir al-Rumayyan, the managing director of Saudi Arabia’s sovereign wealth fund, is to take a board seat. Uber expanded its previous financing round to include the investment from the fund. The money brings Uber’s total balance sheet, including cash and convertible debt, to more than US$11 billion, the company said.
