Uber Technologies is set to raise at $2 billion in a financing round that would increase the value of the car-booking company to $62.5 billion.
The new funding would make Uber more valuable than 60% of individual economies in the world. If Uber were a country, it would rank as No. 75 economy in the world.
Uber is expanding vigorously and is branching into services beyond picking up and dropping off riders. The company has tried its hands on food and package delivery, and only recently started working on new technology, such as self driving cars.
Uber is spending aggressively to expand throughout Asia, particularly in China, where the company expects to spend $1 billion, according to a June letter to investors from Chief Executive Officer Travis Kalanick.
For this particular financing round, Uber secured financing through Tiger Global Management and T. Rowe Price.
Uber was launched more than five years ago and is a unique drop off cab service. Before this they had already raised more than $10 billion, and most of that money was exchanged for equity.