Uber China confirms USD 2 billion from multiple Chinese investors

Uber China confirmed Thursday the ride-hailing firm had received nearly USD two billion from Chinese investors without disclosing exact amounts from individual investors.

An Uber China spokesperson said China Minsheng Bank, China Vanke Group Co., and China Broadband Capital (CBC), along with other unnamed investors are behind the investment, in addition to HNA Group, China Taiping Insurance Group, China Life Insurance Company, Guangzhou Automobile Group Co. (GAC), Baidu and CITIC Securities.

The spokesperson said the Chinese investors have also invested in Uber’s global operations in addition to Uber China but did not elaborate on details. Uber China is an independent arm of the Uber parent company and fundraises separately.

Guangzhou Automobile Group Co., an earlier confirmed investor, has announced USD  100 million in investment for Uber China’s Series B financing.

China is Uber’s only independent franchise and began independent operations in October 2015. Uber China was established in the Shanghai Free Trade Zone with registered capital of RMB 2.1 billion, and to date has received more than RMB 6.3 billion in investment.

Uber founder and CEO Travis Kalanick told reporters in Beijing on Monday that its Chinese unit has completed a Series B fundraising, and confirmed the Chinese operation now has a USD 7 billion pre-money valuation.

Kalanick said Uber has a long-term view towards serving cities in China, and the ride-hailing firm is committed to making significant investments in China.

Uber began serving customers in China as a part of the parent company in February 2014 and currently serves in 22 Chinese cities. Kalanick said the number would go up to 100 in the future.

The Uber chief said he spent about 75 days in China in the last 12 months.

“That gives you a sense of the time I’m spending locally here; I only expect that will go up over time, with more and more of our business happening in China,” Kalanick said.

This story was published on AllChinaTech.

Leave a Reply