Report: Uber Seeks $1B in Funding for Chinese Business
Car-booking company Uber is looking to raise up to $1B in funding for its Chinese business. This marks the first time that Uber is separating operations in a specific country to attract outside investors. Uber China has been in discussions with potential backers that places its valuation between $7B and $8B, according to Bloomberg. Chinese internet firm Baidu, already an investor in Uber’s global operations, is rumored to be buying a stake in the Chinese unit. Uber CEO Travis Kalanick wrote in a June letter to investors that the company plans to invest $1B in China this year and that users of the app complete almost 1M rides daily in the country. Uber competes with Didi Kuaidi for market share in China. Didi Kuaidi recently announced $2B in funding and works directly with existing taxi drivers, avoiding most of the protests that Uber has endured in China. [Bloomberg]
