Uber seeks $1B credit line from banks — report

Uber seeks $1B credit line from banks — report

22 MAY 2015

Uber is in talks with several banks about a $1 billion credit line with six to seven banks expected to be part of the facility, the Wall Street Journal has reported, a move which may be a step towards launching an IPO.

An IPO is not imminent though, and if it does happen it wouldn’t be until next year, the report said.

Uber could use some of the money to acquire Nokia’s mapping unit: Following news that it bid as much as $3 billion for the business, it was reported that the taxi-hailing app maker is now partnering with China’s Baidu and private equity firm Apax Partners for the acquisition.

In a recent fundraising round Uber was valued at $41 billion and has secured over $5 billion from investors since launching in 2009. It is planning another fundraising round that could value it at over $50 billion.

Last year the company’s revenue was around $400 million.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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