Mubasher: Uber reported strong revenues and reduced losses in the first quarter ended March, as the ridesharing company announced a new tender offer from new and existing investors that values the firm at nearly $62 billion.

Uber logged a 67% revenue growth to $2.5 billion in the first three months of the year, while gross ride bookings saw a year-on-year increase of 55% to $11.3 billion, the US company said in a statement.

This amount excludes $3 billion generated from the sale of its business in Southeast Asia and business merger with Russia’s Yandex Taxi.

In addition, the California-based company’s loss-to-earnings before interest, taxes, depreciation, and amortisation (EBITDA) narrowed 49% to $304 million in the first quarter from $597 million in the same quarter last year, with an adjusted net loss of $577 million during the quarter.

Uber expects to sell between $400 million and $600 million worth of stocks at $40 per share to existing investors Altimeter and TPG, in addition to new investor Coatue. This implies a valuation of almost $62 billion, which exceeds the $48 billion tender offer with SoftBank in the end of the last year but remains below its valuation in June 2016.

It is worth noting that since CEO Dara Khosrowshahi headed the US ride-hailing company, Uber has been striving to improve its image and financial performance. It recently began disclosing its financial results.