Cab-hailing firm Uber has raised another $1.2 billion in venture capital from Chinese investors, Mr. Kalanick said, the latest in a rolling round of financing. The new capital will be used increase Uber’s ride sharing business in China. This brings the valuation of Uber to $51 billion, making it the highest ever valuation for a venture backed company.
Uber plans to introduce in more than 100 cities in China over the course of the next year, Travis Kalanick, the company’s chief executive, said at an event in Beijing on Tuesday.
Uber previously said it had earmarked at least $1 billion in a previous fund-raising to grow throughout Asia, and it will use the additional financing to continue in the same vein. It is also the most recent of more than $7 billion in venture capital the company has raised to date, with Uber being valued at around $51 billion.
While China is Uber’s fastest growing market, India comes second. Uber is doubling its headcount in India to strengthen its position.
At the Beijing event on Tuesday, which was held by Baidu, the Chinese Internet giant and an Uber investor, Mr. Kalanick said Uber has already made excellent progress in the nine months since it entered the country.
“When we started this year, we were about one percent market share. Today, nine months later, we’re looking at about 30 to 35 percent market share”, Mr. Kalanick said, though he did not specify whether that included the taxi-hailing market dominated by Didi Kuaidi. The remarks were first reported by Reuters.