Connect with us

Hi, what are you looking for?

Jewish Business News


Uber CEO Kalanick confirms at least $1.2B funding for China growth

Uber CEO Travis Kalanick works with fourth graders during Cooking Matters,   a nutrition class taught by 18 Reasons,   a local partner of Share our Strength at Glen Park Elementary School in San Francisco


Uber is raising $1.2 billion for its China business, CEO and founder Travis Kalanick said today. In an interview with China’s Sina Tech, Kalanick stated that the funding round is still not finalized, so the sum total might be higher. If so, it’ll be Uber’s biggest ever venture capital round of investment.

It’s the first confirmation of Uber’s China investment after a leaked letter in June, purportedly penned by Kalanick, said that Uber planned to throw US$1 billion at its China business in 2015 in order to fend off homegrown rivals.

Uber’s co-founder and CEO didn’t reveal who the investors are or when the deal will be finalized.

Friends with strategic benefits

Kalanick said the China funding round was about finding strategic investors in the country. At the end of last year, Uber got its first Chinese partner when Baidu, the country’s top search engine, invested an undisclosed sum.

Uber is battling China’s two dominant city taxi apps, Didi Dache and Kuaidi Dache, as the homegrown rivals expand into Uber-style private car rides. Didi Dache and Kuaidi Dache – backed by Tencent and Alibaba, respectively – into one company in February.

Read the full story at Tech In Asia, by Steven Millward



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.