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A passenger holds an iPhone displaying the Uber car service taxi application journey progress screen in Budapest, Hungary, on Wednesday, July 13, 2016.
A passenger holds an iPhone displaying the Uber car service taxi application journey progress screen in Budapest, Hungary, on Wednesday, July 13, 2016.
Bloomberg via Getty Images

Uber has completed more than 2 billion trips on its app, the company’s chief executive said on Monday, a milestone that arrives just weeks after the ride service added another $4.7 billion to its warchest.

Uber hit 2 billion rides on June 18, CEO Travis Kalanick said in a Facebook post, six months after marking its first billion rides. The company, then, completed the same number of rides in six months as it did in the prior six years – due in part to its heavy spending to recruit drivers and passengers, which is made possible by more than $13 billion in funding from investors.

Kalanick said that 147 Uber rides started at the exact same second in 16 countries to tie for the two billionth trip. The largest portion of those rides – 54 – happened in China, an indication of the company’s growth in that country, where Kalanick has also said Uber is losing more than $1 billion a year as it competes for riders.

Read More: Uber Just Got Slapped With Another Lawsuit in New York City

Uber is in 450 cities globally, up from 311 a year ago. Last month it raised $3.5 billion from Saudi Arabia’s sovereign wealth fund, part of a funding round that valued the company at $62.5 billion.

Earlier this month, Uber secured a $1.15 billion leveraged loan, allowing the company to take advantage of historically low interest rates while keeping venture-capital backers happy by not further diluting their equity.

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Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

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