Rumor: Baidu Invests in Uber

Sina Tech, 12/11/14

According to an industry source, Chinese internet company Baidu (Nasdaq: BIDU) will announce a new strategic investment on December 17. The rumored target of Baidu's investment will be San Francisco-based car booking app Uber. Further details of the investment were not available.

According to the source, Baidu will make a strategic investment of no more than USD 600 mln. Uber landed USD 1.2 bln in funding in early December.

Editor's Note: For more information on this topic, please see "Qunar Invests in SE Asian Taxi App GrabTaxi," MD 6/03/14 and "Uber Expands Carpooling Services to 6 New Chinese Cities," MD 10/20/14 issues.

Keywords: funding wireless Baidu BIDU Uber mobile application taxi booking app overseas USA

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