Uber, the on-demand Taxi-hailing company announced on Wednesday that it finally closed an investment round which brought the company almost $2 billion from a number of Chinese firms. As part of this funding the valuation of Uber stands at $66.6 billion. The Chinese subdivision of Uber closed the deal on Monday, according to Chinese media.
The investors who took part in this round includes HNA Group Co Ltd, parent of Hainan Airlines Co Ltd, China Taiping Insurance Holdings Co Ltd, China Life Insurance Co Ltd, Guangzhou Automobile Group Co ltd and CITIC Securities Co Ltd. The company also picked up three new backers– China Minsheng Banking Corp, real estate developer China Vanke Co Ltd and China Broadband Capital.
The funding will be used towards improving Uber’s services in China and the rest of the capital will be going to Uber’s main unit.
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. In September it raised $1.2 billion in venture capital from Chinese investors.
Uber is the most-valued tech company in the world,where cab booking platforms are considered, Uber surely is ruling the roost. It recently broke Facebook’s record to become the youngest privately-held company to cross the $50 Bn valuation mark.
Uber is doubling its headcount in India to strengthen its position. While China is Uber’s fastest growing market, India comes second. In July, Uber India president Amit Jain said the company would invest $1 billion in India over nine months for expansion in 18 cities.