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January 14, 2016updated 31 Aug 2016 10:16am

Uber secures $2bn financing from Chinese investors

News: The company will use some of the funding to improve its services in China.

By CBR Staff Writer

Uber Technologies has received approximately $2bn in funding from several Chinese investors. The US company’s Chinese unit has since been valued at $7bn.

Investors who participated in the round include Hainan Airlines parent firm HNA Group, China Taiping Insurance Holdings, China Life Insurance, Guangzhou Automobile Group and CITIC Securities.

China Minsheng Banking, real estate developer China Vanke and China Broadband Capital were the other namedinvestors.

Uber will use some of the funding to improve its services in China. The remaining money will go to the company’s main unit. The company, however, did not give reveal on how much each business unit secured.

Uber is thought to be doing better than anticipated in China. The company recently completed one million rides a day in the country.

The company is planning to launch its services in 100 more Chinese cities by the end of this year.

Uber is also planning to expand its presence in the Middle East and North Africa with an investment of $250m.

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The investment will be made to expand the workforce in the region and enhance Uber’s mobile app.

 

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