Uber seeks funding to become most valuable start-up ever
Last updated: 10:27 11 Jan 2016 EST, First published: 05:27 11 Jan 2016 EST
Private car firm Uber is looking to become the most valuable private start-up in history.
The controversial taxi firm is raising new capital from Morgan Stanley's high-net worth clients, according to reports.
Investors will have to inject a minimum of US$250,000 into the company, in its latest funding venture.
San Francisco-based Uber was previously valued at US$51bn by research firm CB Insights, and this would see the firm leapfrog the previous record for a private start-up - General Motors - which had a US$55bn market value.
The firm, which uses an app for people to hail its private-hire cars, has previously claimed that people will no longer bother buying cars, because of the ease and convenience of its service.
But Uber faces a growing number of rivals around the world and is embroiled in a number of legal battles, especially in the UK, where taxi drivers have staged protests against the firm.
