Taxi-hailing giant, Uber announced that it has raised $3.5 billion from Saudi Arabia’s Public Investment Fund.
The deal marks the closing of Uber’s Series G investment round, which began last year and has raised more than $5bn from investors including Russia’s LetterOne and China’s Baidu, at a valuation of $62.5bn.
With this investment, the PIF will own approximately 5 per cent of Uber, and its MD, Yasir Al Rumayyan, will join Uber’s board.
The news comes just two weeks after Uber’s Chinese rival Didi Chuxing announced a $1bn investment from Apple
This is PIF’s largest single investment ever made in a private company. Uber currently operates in five cities in Saudi Arabia.
Uber’s valuation remains unchanged at $62.5bn.
