Baidu followed up its $600m in Uber by participating in a $1bn fundraising for Uber China, which could be set to spin out in an initial public offering.
Uber China, the local subsidiary of US-based ride hailing service Uber, has closed a $1bn funding round featuring internet company Baidu, Reuters has reported, citing people familiar with the matter.
Baidu was reportedly joined by additional China-based investors including insurance firms Ping An and China Life Insurance, hedge fund Hillhouse Capital and financial services firm China Citic Bank, though different sources told Reuters Ping An and Hillhouse did not in fact take part.
The round was reportedly oversubscribed, valuing Uber…
