San Francisco based Uber has raised $3.5billion from the Public Investment Fund of Saudi Arabia. The fresh funds will fuel its expansion across the countries.
With the newly raised funds, the six year old company’s valuation is now around $68billion.
The managing director of the Saudi sovereign-wealth fund, Yasir Al Rumayyan will now join the board of the company.
Uber plans to use the funds to gain market share in Middle East with more than 19,000 drivers and 395,000 passengers. The company also plans to grow in Saudi Arabia and create more opportunities for women in the workforce, where 80% of the passengers are women.