Uber, the much hyped and successful on-demand transportation service is expanding its business growth at a rapid pace. The new country where Uber is targeting its clients is China. Uber confirmed that with its fundraiser, it has managed to raise further $1.2 billion. The fundraiser was led by search giant Baidu. They were quick to add that the fundraiser round has not closed yet.
It is important to add that Uber’s competitor Didi Kuaidi also chipped in with the news that they have managed to raise an extra $3 billion as well. The fundraiser amount for Uber was first revealed by the CEO of Uber, Travis Kalanick on Sina, the Chinese language site.
The rumor related to Didi’s funding was first reported by Bloomberg. No names for any investor for Didi could be confirmed. It is expected that Uber will be making a formal announcement shortly. It is important to add that Baidu was an investor in Uber and back in December 2014, they had confirmed that they had an important and strategic stake in the company as well.
Just like the previous rounds of funding, both Uber and Baidu are not disclosing the precise amount which was funded. The names of the investors have not been disclosed and the total funding valuation comes close to $8 billion. It is still unsure as to at what funding amount, the rounds will close.
There are reports that Uber China will be developed as a completely standalone entity and the on-demand transport company is all set to tap the most of China by making great use of the local presence of the company.