Uber has officially set its eyes on its next market: Pakistan. The job listings page on the company’s website indicates that it is looking to fill some vacancies there, including positions for a General Manager, Marketing Manager, and Operations and Logistics Manager.
Uber confirms plans to launch in Pakistan
We contacted officials with Uber, and they confirmed their plans to us in an email:
Historically, the Chinese market has been relatively isolated from international investors, but much is changing there now, making China virtually impossible for the diversified investor to ignore. Earlier this year, CNBC pointed to signs that Chinese regulators may start easing up on their scrutiny of companies after months of clamping down on tech firms. That Read More
“We can confirm we are currently recruiting for a team in Lahore, and are very excited about launching in Pakistan as we see huge potential in the way we can help people move around their city safely and reliably,” said Shaden Abdellatif, communications manager for Uber’s Middle East and Africa operations. “We are also excited about the opportunity for economic empowerment we can bring to the drivers we partner with.”
Uber raises more money
Uber is in the midst of another funding round that could slap a value of as much as $70 billion on it, The Times of India reported last week. That’s four times the amount the company was worth in June 2014. Uber apparently aims to raise another $1 billion, and it’s only been three months since it held its last funding round.
The ride-sharing company is reportedly planning to hold talks with investors in the coming weeks, and if it closes another round of fundraising, it would mark the eighth round since its launch five years ago. In the last fundraising round, which was over the summer, Uber had a valuation of over $50 billion, which is a little more than the last large capital raise Facebook did as a private company in 2011.
Uber the most valuable private company
According to The New York Times, the company is now the world’s most valuable private company after surpassing Chinese smartphone manufacturer Xiaomi this year. And if Uber is able to get a valuation of $70 billion it would be worth more than General Motors and Ford.
In spite of having such a high valuation for a private company, Uber CEO Travis Kalanick said investors shouldn’t expect an initial public offering soon. He said investors should expect to wait “a few years” and that, “It’s just a little early.”
Indeed, it may not be a good idea for Uber to go public right now, as the markets are starting to show fatigue for tech startups with lofty valuations. Tech IPOs hit a 20-year low recently, which could endanger Dropbox’s IPO and potentially others in the tech space as well. Year to date, only 14% of U.S. offerings were in the tech industry, marking the smallest percentage in at least 20 years.
If Uber is able to secure a $70 billion valuation, it would seem that it’s bucking the trend of falling tech startup valuations that threatens to spill over from firms that are trying to price their IPOs and into the private sector.