Uber Receives $2 Billion From Chinese Investors

Jan 16, 2016 04:34 PM EST | John Nassivera


Uber appears to be gaining a lot of interest in China, with the ride-sharing service announcing Wednesday that it received almost $2 billion from Chinese investors to expand its business.

The San Francisco-based company transferred some of the money into its international operations, and some of the investment came from a recent fundraising round that valued its Chinese operations at $7 billion, according to Reuters.

The amount of money that each of Uber's units received has yet to be revealed.

The investment may also help Uber deal with competitors like Didi Kuaidi, as the two services have spent billions to keep costs for rides low and attract new customers, Autoblog reported.

An Uber spokeswoman confirmed the investment after Chinese media reported the details on Wednesday.

Investors from Uber's last funding include Guangzhou Automobile Group, HNA Group, China Taiping Insurance Holdings, China Life Insurance and investment bank CITIC Securities, while others include China Minsheng Banking, China Vanke and China Broadband Capital, ZDNet noted.

Despite facing competition in the form of Didi Kuaidi, Lyft, GrabTaxi and Ola, Uber doesn't seem to be slowing down, according to Autoblog. The company is currently valued at $70 billion and recently gave its billionth ride.

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