Uber raises US$3.5bil from Saudi investment fund

Miffed drivers: Protesters held placards with slogans such as "Uber 1* rating for greed" and "Uber Xploitation" outside its London office.

SAN FRANCISCO: Uber announced that the Public Investment Fund of Saudi Arabia has pumped US$3.5bil (RM14.55bil) into the ride-sharing giant, helping fuel its global expansion plans. 

Terms of the investment give what was already one of the largest venture-funded startups a valuation, or implied value, of US$62.5bil (RM259.94bil), according to the company.