Uber Technologies Inc. has just completed a new round of funding that values the company at close to $51 billion, Microsoft is said to be one of the investors, according to a report from The Wall Street Journal.
The company raised close to $ 1 billion that puts its total funding the $5 billion, the Wall Street Journal added.
The funding is part of Uber's plan to bolster its technology and to expand outside the U.S.
The new rounds of funding show that Uber is one of the most richly valued private companies, according to a report from The New York Times.
The report added that Uber joins a group of similarly valued startup companies like the Xiaomi, Inc., which is valued by investors at around $45 billion, and Airbnb, Inc., which is valued by investors at more than $24 billion.
The latest round of funding also adds to Uber's spending power as it gears to expand in China, India and greater Southeast Asia.
The New York Times added that a representative from Uber said that the company reserved $1 billion for its expansion in India. The company is facing stiff competition from local ride hailing services.
Microsoft is believed to be one of the lead investors in the funding round.
A person familiar with the matter told The New York Times that Microsoft agreed to contribute a substantial amount to the funding round.
The source requested anonymity as details of the funding were not made public.
Microsoft's involvement may signal that a growing partnership with Uber is developing.
Recently, Uber acquired a portion of Microsoft's mapping technology asset and extended offers to 100 Microsoft employees who work on image acquisition and data analysis as part of the mapping team, according to Bloomberg.
The New York Times adds that, though neither company has announced plans for a partnership, Microsoft will benefit from Uber. The company's struggling mobile app ecosystem can benefit if Uber devotes to making its services available to Windows devices.
