Uber wants more funds! May raise $1 billion loan

Controversial taxi operator, Uber Technologies Inc, plans to raise loans worth $1 billion.

As per a report by the Wall Street Journal , the company is in discussions with large banks to understand the quantum of credit that can be availed and at what terms. The consortium will comprise of at least six to seven banks.

However, the company is not expected to go public anytime soon. The report noted that as per an official, the San Francisco headquartered operator will not enter the market until 2016.

As per the report, the credit facility will not fund the operator’s day to day services. It should be noted that the operator has grown rapidly since its inception to become worth $40 billion. It has recently bid for Nokia Oyj's map business for $3 billion. The company declined to comment on the issue.

Image Credit: Indiatimes.com