Uber could be worth more than General Motors after its next funding round

The company says it wants to make private car ownership redundant...

Uber could be worth more than General Motors after its next funding round

Eric Risberg / AP

Uber is hoping to raise up to $2.1bn in a new round of financing which would value the car hire and ride sharing app at $62.5bn.

Bloomberg reports that the company has filed paperwork in Delaware outlining the fundraising plans. This has been read as an acceleration of Uber's plans to expand into new markets and to diversify its offerings.

In June a letter to investors laid out plans to spend $1bn expanding its operations in China. It is also expected to continue to test new products such as food and package delivery services - and to invest in research to develop self-driving cars.

Quartz points out that if the funding round goes as planned it will give the company a valuation which is higher than the market capitalisation of General Motors - and rank it among bluechip firms.

Uber has high lobbying costs as if faces regulatory challenges in a number of regions. The company is also embroiled in legal battles in a number of European states.

The app is planing to launch a altered version of its controversial Uber Pop service in Ireland - but it will do so under a different name.

UberPop allows casual vetted drivers to use the app to offer people lifts for money - without being a licensed taxi driver. This service has been causing difficulties for Uber across Europe, and provoked aggressive protests in France last summer.

The start-up has been in discussions with Transport Minister, Paschal Donohoe and a number of city councils regarding the launch of a ride sharing app.

Uber is set to trial the service in the west or south of Ireland - Mr MacGann has described these areas as a “transport desert.”

“We will be bringing a ride sharing service to Ireland,” he confirmed in mid-Novemnber - adding that the, “benefits become tangible, not theoretical,” when the scheme is tried in new regions.

The company's entry into the Irish market has been smooth, but its offerings have been closer to those of traditional taxi services than ride sharing.