Uber gets investment from Baidu to aid China push, report claims
The Chinese web giant Baidu will buy a stake in Uber worth up to $600 million, according to sources quoted by Bloomberg. The ride-booking company, which raised $1.2 billion earlier this month to give it a valuation of $40 billion, is currently pushing into China, where it faces stiff competition from local rivals such as the Tencent-backed Didi Dache. Analyst Li Yujie told Bloomberg that cooperation between the companies could see Uber use Baidu’s mobile payment system in China. Integration seems to be the name of the game there – Didi Dache is conveniently tied in with Tencent’s WeChat messaging service, for example.
Related research and analysis from Gigaom Research:
Subscriber content. Sign up for a free trial.
More From paidContent.org
Terms and Privacy Policy