Uber China To Raise $1B New Funding From Baidu And Others

San Francisco, California-headquartered ride share company Uber Technologies Inc’s China unit is close to complete a US$1 billion fundraising round from Chinese investors that may include Baidu Inc, China CITIC Bank Corp Ltd., China Life Insurance Co., Ltd., Ping An Insurance Group Co. of China, among others, according to media reports.

The round values Uber China at approximately US$7 billion.

In December 2014, Baidu made a strategic investment in Uber as part of a wide-ranging cooperation agreement between the two companies.

Uber China is currently available in 15 cities in Mainland China, including Beijing, Shanghai, Chongqing, Guangzhou, Tianjin, Xi’an, Ningbo, Shenzhen, Qingdao, Suzhou, Wuhan, Chengdu, Changsha, Hangzhou, and Foshan, according to its website.

In July, local ride share company Didi Kuaidi raised US$2 billion in a new financing round from Capital International Private Equity Fund, Ping An Ventures, Alibaba Group Holdings Limited, Temasek Holdings, and others. The round valued the Chinese start-up at US$15 billion.

China-focused alternative investment fund Hillhouse Capital led a round of funding for Uber’ global operations via convertible bonds in June. The firm is reportedly not participating in Uber China’s latest funding round.

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