War chest: Uber China raised US$1bil to gear up for what is expected to be an epic battle against rival Didi Kuaidi for the lucrative Chinese market.
BEIJING/SHANGHAI: Uber Technologies Inc's China arm has closed its US$1bil (RM4.18bil) fundraising round early, according to two people with knowledge of the matter, with investors still hopeful for the US-based ride service despite strong domestic competition.
Investors in Uber's Chinese unit include Internet giant Baidu Inc, China CITIC Bank Corp Ltd and China Life Insurance Co Ltd, among others, said one of the people, requesting anonymity because they were not authorised to discuss the matter publicly.
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