Uber has raised another huge round of funding -- as the ride-hailing service appears to be leaving its competitors in the dust when it comes to cash.
The company has raised $1.6 billion through a convertible debt offering, according to a Bloomberg report that was confirmed by The New York Times. Convertible debt is a bond -- basically a loan -- that can later be traded in for a certain amount of the company's stock.
Uber is also reportedly looking to bring in another $600 million from other investors. The new cash infusions came just after Uber raised more than $1 billion in December.
The company now has a massive cash reserve that dwarfs its competitors. That's because the ride-hailing service has already brought in somewhere in the region of $3.3 billion in investment capital since it began in March 2009.
Lyft, another ride-hailing service, has raised $332 million. Sidecar has around $8.2 million. The December investments valued Uber at around $40 billion. It's unclear how this latest cash infusion might affect Uber's valuation. Uber did not immediately respond to a request for comment.
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