Uber is focusing firepower in China and has raised investment from Baidu

Uber is focusing more funds and firepower on beating local competition in China, with the ride-hailing app confirming it has raised $1.2 billion in a round that included investment from Chinese search engine Baidu. The San Francisco start-up, that has been valued at $50 billion, raised the additional funding for Uber China, the separate company it set up in the country, shortly after it was reported that local rival Didi Kuaidi had raked in $3 billion in a recent fundraising. The fundraising values Uber China at a $7 billion pre-money valuation… Uber has dominated the ride-hailing app market in hundreds of cities worldwide and is expanding beyond ferrying people into also delivering packages. But it has not yet won the battle for the Chinese market, where many US internet companies, including Google and Amazon, have stumbled.

 

Hannah Kuchler and James Kynge

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