Uber is officially a $50 billion company

Travis kalanick, ceo uberSteve Jennings/Getty ImagesTravis Kalanick of Uber collects the award for Best Overall Startup of 2014 at the TechCrunch 8th Annual Crunchies Awards at the Davies Symphony Hall on February 5, 2015 in San Francisco.

Uber has closed a new round of funding that values the company at $US50 billion, The Wall Street Journal’s Doug MacMillan and Telis Demos report.

The ride-hailing company raised “close to” $US1 billion in the new round of funding, sources tell The Journal.

The Journal reports that investors in the new round include Microsoft and Indian media company Bennett Coleman & Co.’s investment subsidiary.

And, as The Journal reports, Uber’s newfound $US50 billion valuation means that Facebook is no longer the only company to have a valuation of that level before going public.

The new round could help Uber continue to expand in markets outside the US, including India, its second-largest market.

On Thursday, Uber announced it would be sinking $US1 billion into its Indian markets to take on Ola, a rival car-hailing service in the country valued at $US2 billion.

“We filed to authorise this new funding more than two months ago. The filing is available to the public,” an Uber spokesperson told Business Insider. “We aren’t commenting on additional speculation.”

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