Uber is now valued at $51 billion, making it the most valuable venture-backed startup in the world, according to a report Friday. The increased valuation comes after the ride-hailing tech company raised another $1 billion in funding.
The San Francisco company's new valuation vaults it past Chinese phone maker Xiaomi, which received a $46 billion valuation in December 2014. Uber's new valuation also ties it with Facebook, which was worth $51 billion just before going public in May 2012.
With the latest round of investments, Uber has now raised more than $6 billion in funding, according to Crunchbase. Uber's latest round of investors include Microsoft, according to the Wall Street Journal, which reported the new funding Friday. Uber in June acquired parts of Microsoft's mapping technology and talent as the ride-hailing company looks to build its own mapping technology.
Also investing in Uber is Bennett Coleman & Co., an Indian media conglomerate. Uber is using the funding round strategically to make headway in India, a major market where the startup has faced numerous legal obstacles including having its service suspended in New Delhi in December after a woman said she'd been raped by an Uber driver. Earlier this week, Uber announced it would be investing $1 billion specifically in India, calling the country a "global priority market," according to CNN Money.
Uber is likely to go public sometime soon. In June, the company secured a $2 billion line of credit with numerous banks, which is typically a sign that a company is getting ready to go public.