Uber planning to kick off its initial public offering in April

Uber receives $100 million in funding for its driverless cars unit

The deal would value Uber's Advanced Technologies Group at $US5 billion to $US10 billion, the source said.

Finance and technology enthusiasts will finally get to witness one of Silicon Valley's most highly anticipated initial public offerings as early as next month when ride-hailing platform Uber finally goes public.

Uber and Lyft, ride-sharing companies which represent direct competitors in the industry of getting a quick and cheap ride anywhere in the world where Lyft and Uber applications are supported, have submitted their IPO filings to the Securities and Exchange Commission at the end of 2018 around the same time.

Uber's business operates in more than 70 countries and includes not only ride-hailing but also bike- and scooter-rentals, freight hauling, food delivery and an expensive self-driving vehicle division.

While Uber was valued at $72 billion a year ago, the company is said to be hoping for a market cap of $120 after its IPO.

Toyota, the largest automobile maker of Japan, also invested $500 million into Uber past year, for its project on self-driven cars, where both companies can be seen as straggling competitors just like, Waymo, a self-driving unit of Alphabet Inc.

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It could also help underscore Uber's value as the ride-hailing firm prepares for a stock market debut in which its value could top $100 billion.

The operational force of Uber lies in the fact that Uber is made available in 70 countries, while Lyft is only available in Canada and the United States at the moment, however, both Uber and Lyft are losing money.

Accepting a minority investment would let others cover the cash needs in the short term, although that US$1 billion won't last long. The company lost $US911 million.

Lyft's 1.1 million drivers in North America ferried over 18.6 million "active riders" from October to December 2018.

Uber was most recently valued at $76 billion in the private market.

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