Throw some more money on the Uber stacks. The on-demand car company has just raised another cool $1 billion, according to sources quoted in the Wall Street Journal.
The $1 billion brings the total funding to $5. The company is now valued at just shy of $51 billion.
This round was brought to you by Microsoft and Indian media company Bennett Coleman & Co.
The WSJ has this interesting tidbit, showing just how fast Uber reached its $50 billion valuation:
Uber’s valuation has now reached the high-water mark set by Facebook in 2011, when Goldman Sachs offered wealthy clients outside the U.S. shares of the social network that implied a $50 billion valuation, not including the money raised.
At the time, Facebook was nearly seven years old. Uber just turned five.
In other Uber and a billion dollars news, the company announced intentions to pump $1 billion into an expansion in India.
"We are extremely bullish on the Indian market and see tremendous potential here," Amit Jain, president of Uber India said in a statement on Friday. "Uber has grown exponentially in India."