Uber is heading for a $62.5 billion valuation

Uber is reportedly raising another $2.1 billion to fund its international expansion plans, according to a new report from Bloomberg’s Eric Newcomer.

Citing papers filed with the state of Delaware, the ride-hailing organisation is looking to raise another $2.1 billion at a $62.5 billion valuation. The New York Times reported in October that the company was looking to raise a billion in the same valuation range.

Tiger Global Management and T. Rowe Price have closed their investments in the latest round, but Uber is still on the hunt for other strategic investors, according to Bloomberg’s report. The latest round is still ongoing, but will be capped at the $2.1 billion mark, according to sources.

Tiger Global’s investment in the ride-hailing company comes at a surprise. The global hedge fund is a backer behind Uber’s three major international competitors: China’s Didi Kuaidi, Singapore’s GrabTaxi, and India’s Ola Cabs. Didi Kuaidi, in turn, is an investor and major partner of Uber’s U.S. competitor, Lyft.

In July, Uber closed a $1 billion Series F round of fundraising, bringing its total raised to $6.91 billion at a $52 billion valuation, according to PitchBook. In August, Uber’s China arm closed its own $1 billion round to specifically take on Didi Kuaidi, an investment by one of its new investors.

With its new valuation, the startup solidifies its lead as the most valuable private company in tech. Chinese smartphone maker, Xiaomi, has the second largest valuation at $46 billion.

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