Date
25 September 2017
Uber CEO Travis Kalanick has made China a focal point for his firm's global expansion. Photo: Bloomberg
Uber CEO Travis Kalanick has made China a focal point for his firm's global expansion. Photo: Bloomberg

UberChina raises fresh funds at US$7 bln valuation

Ride-hailing services firm Uber Technologies has raised fresh funds for its China unit that values the expanding subsidiary at US$7 billion, the Wall Street Journal reported.

Among the entities that have invested in UberChina in the new funding round are Chinese airline operator HNA Group, car maker Guangzhou Automobile Co. Group and insurance giant China Life Insurance, according to the report.

In its first round of fundraising last year, Uber’s Chinese unit netted US$1.2 billion to support its expansion plans in the country.

Uber’s CEO Travis Kalanick has made China a focal point for his company’s rapid global expansion, setting up an independent subsidiary with local search-and-mapping company Baidu Inc.

The company hopes to close the gap with Chinese rival Didi Kuaidi, which was formed by the merger of two competing taxi apps early last year. 

Didi Kuaidi closed a US$3 billion round of funding last year at a US$16 billion valuation, the Journal noted. 

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RC

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