Uber’s China Division Is Now Valued At more than $7 Billion

Following another round of funding, Uber’s China division is price greater than $7 billion, the Wall side road Journal studies. local companies like non-public airline owner HNA staff, automaker Guangzhou vehicle Co. group, and main insurance firm China existence insurance coverage are actually among UberChina’s traders.

This helps Uber compete with its fiercest rival in China, Didi Kuaidi, which still has a lock on the overwhelming majority of the market. Didi Kuaidi revealed previous these days, in fact, that it booked greater than 1 billion rides in 2015 by myself—a host that accounts for Uber’s total international rides seeing that its launch in 2009, as per a weblog publish from December. (To be fair, Didi Kuaidi’s count includes all of its transportation services and products, now not just its trip-hailing unit.)

UberChina’s valuation had already reached $7 billion prior to the most recent funding round, the company claims; its preliminary decision to invest greater than $1 billion in China came final year, when Uber was on the cusp of logging a million rides a day there. (Uber also secured a partnership with chinese search engine Baidu in December 2014.) on the time, Uber CEO Travis Kalanick asserted that growth in China was once the “primary priority for Uber’s international group.”

Kalanick’s sentiment is doubly real now, given Didi Kuaidi teamed up with Lyft, some other major Uber competitor, in September. in keeping with the WSJ, Didi Kuaidi is now valued at $16 billion and has the backing of chinese language e-commerce agency Alibaba and internet massive Tencent.

[by means of Wall side road Journal]