Blablacar a French start-up goes for an valuation and is now valued at $1.58bn, with that they also raised $200m in funding rounds making this company the latest billion-dollar company, or tycoon.

An investment that was led by Insight Venture Partners and Lead Edge Capital, who have previously done something similar with Alibaba and Delivery Hero.

This Paris-based giant also got $100m in June 2014 and expanded in seven new countries. Now with this new funding they said to expand further in Asia, Latin America and Brazil.

As told by the company, they are not moving in US, due to long distances and cheap petrol rates.

“With this additional investment, we’ll be able to accelerate our growth in new and established markets, continuing to build the largest people-powered transport community in the world,” said the app’s co-founder and chief operating officer, Nicolas Brusson.

“This financing is a significant step closer to transforming mobility on a global scale.”

Blablacar concept is to allow users book vacant seats in other people’s automobiles that are travelling on the same path, or directions. People that share their car do not make profits but they take contributions in moving costs like Petrol.

Similar concept with spare rooms are getting filled up with Airbnb, making these two concepts popular in this sharing economy.

Blablacar also told an estimate of comparisions with train ticket and how they are about 79% cheaper. For examples, a ride from London to Paris with Blablacar would cost around £20 and the same journey will cost you about £280 by moving to Tyne city first and then to the French capital.

If you calculate the average cost it will come around £17 for 213 miles.

Blablacar – also allow users to rank they with regard to the chats done in the car, this can be done attaching one, two or three ‘blas’ in their profile. Right now the site membership has grown to 20m members and 19 countries are using this service. 30% of those people are drivers. More than 3000 journeys are powered outside London every year.

This app “creates a win-win situation” for both drivers and passengers. As described by Blablacar’s UK Boss Daniel Benamran

“We can become a relevant alternative to trains – we have more departure times, we are faster, we are cheaper and we have more routes,” Mr Benamram said. “Eventually we’ll have so many drivers that our service will be a door to door.”

Frédéric Mazzella, founder and chief executive of Blablacar, said: “It has been exhilarating to see our vision resonate with so many people globally, as BlaBlaCar’s community has rapidly scaled and flourished in every new market.

“We’ve built a unique activity based on the values of real sharing, and this funding will help unleash even more of its potential over the coming years.”