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PayPal to invest $500M in Ride hailing app, Uber

PayPal, which is one of the largest online payment company is now planning to invest $500 Million in the Uber technologies as the ride-hailing firm readies to reveal some of the terms for its Initial Public offerings, according to the report which has been revealed.

PayPal will invest in the Uber with the help of a concurrent private placement at the cost of the IPO price.

A financial services component is essential to Uber as it works to expand into a “superappp” of transportation and logistics services.

Superapps are applications where the customers directly go for a wide range of services such as shopping, transportation, and payments. Such type of companies can even be much more lucrative than those that offer just one crore of business or service.

Uber is also expected to tell the investors that it will seek to be valued at between $80 Billion to $85 Billion according to the report.

Both the PayPal and Uber were not immediately available to comment on the report which has been revealed.

Source: PayPal

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