Uber receives nearly $2 bn investment from Chinese firms

Uber's Chinese unit was valued at $7 bn before taking on investment in its recently-closed Series B funding round

An open sign is seen at the office of taxi-hailing service Uber Inc during a driver recruitment event in Hong Kong
An open sign is seen at the office of taxi-hailing service Uber Inc during a driver recruitment event in Hong Kong
Reuters Hong Kong/ Beijing
Last Updated : Jan 13 2016 | 9:04 PM IST

Uber Technologies Inc said on Wednesday it has received almost $2 billion in funding from Chinese investors, some as part of a recent fundraising round that valued the U.S. firm's Chinese unit at $7 billion.

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 Corp, real estate developer China Vanke Co Ltd and China Broadband Capital.

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

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

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jan 13 2016 | 8:18 PM IST

Next Story