Tuesday, September 8, 2015

Uber Picks Up $1.2B In Funding From Baidu

On-demand ridesharing startup Uber has raised $1.2 billion in a funding round from Baidu, according to the company over the weekend. The funding goes towards Uber's growth in China. The round reportedly values Uber at $8 billion. The funding was announced by Uber's Travis Kalanick at the Baidu World event in Beijing over the weekend. Kalanick said Uber is planning to open up in at least 100 cities in China in the next year as part of an expansion effort there.