Uber fundraising drive values firm higher than General Motors

Financing plans for company behind taxi-hailing app push value to $63bn outstripping the US car manufacturer's $56bn worth

Uber Technologies, the company behind the rapidly growing taxi-hailing app, could be valued at more than $60bn (40bn) after its latest fundraising round.

The San Francisco-based car-booking company hopes to raise as much as $2.1bn in new cash, Bloomberg reported. It has filed paperwork in Delaware detailing the financing plans, which would value the business at $62.5bn. This would exceed General Motors, the US carmaker behind the Chevrolet, Cadillac and Vauxhall brands, whose market value is $55.6bn.