Uber raises $1B at a $51B valuation

Uber has raised a new $1 billion funding round, which pushes the company’s valuation to $51 billion. The new investment money comes from Microsoft and Indian media conglomerate Bennett Coleman & Co., according to a new report from the Wall Street Journal, citing unnamed sources familiar with the matter. Uber will reportedly use the money to expand its ride-hailing service into more foreign cities.

The report points out that Uber had briefed investors on a plan to raise between $1.5 billion and $2 billion in May. Uber confirms that it filed regulatory papers to do so.