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Investors in Uber's Chinese unit include Internet giant Baidu
Inc, China CITIC Bank Corp Ltd and China Life Insurance Co Ltd,
among others, said one of the people, requesting anonymity
because they were not authorized to discuss the matter publicly.
Chinese financial conglomerate Ping An Group's investment arm
and Hillhouse Capital, which has a stake in the main U.S.-based
Uber business, also took part, the person said.
However, a representative of Ping An's investment team said they
did not invest in the China unit. Hillhouse was also not an
investor, said a third source who declined to be identified
because of the sensitivity of the subject.
A spokeswoman for Uber declined to comment.
With the close of the $1 billion round, Uber is re-lining its
war chest for a drawn-out battle with Chinese car-hailing app
rival Didi Kuaidi, which last month raised $2 billion.
The two are locked in a turf war, spending heavily on subsidies
to lower the cost for users and inflate the money earned for
drivers of their services.
The deal was oversubscribed, said the second source directly
familiar with the fundraising. According to a fundraising
document seen by Reuters last week, this round values Uber China
at $7 billion, with the unit planning to list on the mainland by
2020.
(Additional reporting by Shu Zhang; Editing by Meredith Mazzilli
and Stephen Coates)
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