Uber's Chinese subsidiary, Uber China, confirmed a $1.2bn Baidu-led round earlier today, while rival Didi Kuaidi is reportedly set to close a $3bn round.
Uber China, the Chinese subsidiary of US-based ride sharing service Uber, confirmed today it has raised $1.2bn in funding, as reports circulated that China-based competitor Didi Kuaidi has itself secured $3bn.
The only disclosed investor in the Uber China round, confirmed by Uber chief executive Travis Kalanick to Sina Technology today, was diversified internet company Baidu. Baidu, which led the round, previously invested $600m in Uber in December 2014.
Uber China’s fundraising in effect marks the official coming out party…
