Uber China Completes Series B Round At $7B Valuation

Uber’s China division has closed a series B funding round at a valuation of US$7 billion, the ride share giant’s chief executive Travis Kalanick said at an event in Beijing.

Investors in the round, whose value is undisclosed, include the HNA Group, China Taiping Insurance Holdings, Guangzhou Automobile Group, China Life Insurance, and Citic Securities.

Of the above investors, Guangzhou Automobile Group said in a disclosure document that it had invested US$100 million in Uber China’s series B funding round.

Last month, Uber China and the Guangzhou-based Chinese car maker announced a strategic partnership to cooperate on promoting the use of new energy vehicles, auto sales, auto loans, after-sales services and marketing.

Uber China’s competitor Didi Kuaidi said yesterday that the Chinese ride share company completed 1.43 billion rides in 2015, 1.4 times that of Uber’s total global rides for the past six years combined.

Didi Kuaidi raised US$3 billion last September, a fundraising record for unlisted companies globally.

Kalanick said at the event that Uber is investing profits from other cities around the world into China for a total of almost US$1 billion so far.

China Expert network