Chinese search engine Baidu Inc. is likely to announce that it has invested in San Francisco-headquartered ride-share and taxi service firm Uber next week, according to unconfirmed Chinese media reports.
Representatives of Baidu did not respond to inquires to confirm the news.
Baidu is likely to invest up to US$600 million, according to the media reports, and is to invest in Uber as a strategic partner. The two companies plan to cooperate on mutual service offerings and to expand Uber’s services in the Chinese market.
Earlier this month, Uber just announced that it has raised US$1.2 billion in new round of financing to boost its international expansion. The company was valued at US$40 billion.
Earlier this week, Uber’s local competitor, Beijing-based taxi-hailing mobile app maker Didi Dache, said it had completed US$700 million series D financing led by Temasek Holdings, DST Global and existing investor Tencent Holdings Limited.
