Uber to spend $1B over nine months for India expansion

The ride-hailing service says it wants to expand the number of rides it offers in India to a million each day, up from a reported 200,00 daily trips.

Uber to spend $1B over nine months for India expansion

Uber Raises Another $1.6 Billion In Convertible Debt, In Talks For An Additional $600 Million

Uber has secured another $1.6 billion, this time in convertible debt from Goldman Sach's private wealth management division, according to multiple reports. With this amount, Uber has raised more than $4 billion since it was founded in 2009. 

Goldman Sach's investment is a six-year bond that will convert into shares in the startup once it holds an initial public offering, according to Bloomberg, citing unnamed sources. The bond will convert into equity at a 20 percent to 30 percent discount of Uber's IPO price. If an IPO does not occur in the next four years, the interest rates on the bonds will increase.

Besides the $1.6 billion, Uber is also in talks with hedge funds and international investors to add $600 million to a $1.2 billion round of financing the company secured in December. At the time of that funding round, Uber received a valuation of more than $40 billion, one of the highest ever for a startup.

The financing round comes a few days after CEO Travis Kalanick announced that the company already generates more than $500 million per year in revenue from rides in San Francisco alone.

Uber will reportedly use the new cash to continue its worldwide expansion. The company, which is already in more than 270 cities around the globe, has begun to face legal troubles in many of the new countries it has been entering.

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Uber And CEO Indicted In South Korea For Violating Transportation Laws

Uber CEO Travis Kalanick speaks onstage at TechCrunch Discrupt at Pier 48 on Sept. 8, 2014, in San Francisco. Steve Jennings/Getty Images for TechCrunch

Uber, the app-based taxi company, just hit a major speed bump in its bid for global domination. Prosecutors in South Korea are charging Uber CEO Travis Kalanick with violating the country’s transportation laws.