SAN FRANCISCO: US taxi service firm Uber said it is in early talks with investors to raise money at a higher valuation than $17 billion it secured with June’s round of funding, Financial Times reported on Friday citing people familiar with the matter.

Uber is planning to raise at least $1bn more in capital from its existing investors, which includes Blackrock, TPG, Google Ventures (a capital investment arm of Google) and Menlo Ventures, and new funds from beyond Wall Street and Silicon Valley, especially in Asia, Financial Times reported.

The company still has $1bn in the bank from its most recent round, Financial Times reported, citing people familiar with Uber’s finances.

The ridesharing company gained ground in Las Vegas last week when a District Court judge ruled against a restraining order that would have temporarily prohibited it from operating in Clark County, the Las Vegas Review-Journal reported.

Taxi drivers around the world have urged lawmakers to regulate or ban such services, which allow users to use apps on their smartphones to hire a private driver, rather than calling a taxi company.

Uber could not be immediately reached for comment.

Published in Dawn, November 9th, 2014