The ride-sharing app, which is backed by Baidu in China, now enables a million trips in the country as it prepares to expand into 50 cities.
US-based ride-hailing app operator Uber, backed by a range of corporates including search engine provider Baidu, is seeking a $1bn round to support expansion efforts in China, the Financial Times reported yesterday.
The Financial Times obtained an internal email with the news, which revealed that the fundraising would officially begin on June 22 and that existing investors are invited to back the new round.
Uber provides a ride-sharing service that enables users to book a ride through a dedicated app.
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