Industry & Business

Uber receives $2bn investment from Chinese firms

Uber receives $2bn investment from Chinese firms

January 14
10:40 2016

uber_app_taxiDigital company, Uber Technologies said on Wednesday it has received almost $2bn in funding from Chinese investors, some as part of a recent fundraising round that valued the US firm’s Chinese unit at $7bn.

Uber’s main global entity received the rest of the money, though the company did not specify how much each unit got. The details were reported by Chinese media on Wednesday and confirmed by an Uber spokeswoman.

Previously unreported Chinese investors include China Minsheng Banking, real estate developer China Vanke and China Broadband Capital.

Other investors include HNA Group, parent of Hainan Airlines, China Taiping Insurance Holdings, China Life Insurance, Guangzhou Automobile Group and CITIC Securities.

Uber’s Chinese unit was valued at $7bn before taking on investment in its recently-closed Series B funding round, Uber CEO Travis Kalanick told reporters in Beijing on Monday.

Uber is a platform that connects riders with drivers, through a smartphone app. Today, it operates in more than 350 cities across 60 countries worldwide, facilitating millions of trips per day. Using the Uber app, riders can create an account and book a safe, reliable and affordable ride at the touch of a button.

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