WSJ : Uber Gets Investment From Baidu

Uber Gets Investment From Baidu

Move by Chinese Internet Firm Could Help Uber’s Business in China

Chinese Internet giant Baidu Inc. will invest in ride-hailing app Uber Technologies Inc. in a move that will help the U.S. startup’s business in China, a person familiar with the matter said Friday.

Details of the investment amount weren’t immediately known.

Baidu said it is expected to announce an investment in a U.S. startup on Dec. 17, but didn’t provide further details.

For Baidu, the investment in Uber allows the Chinese Internet firm to better compete against rivals Alibaba Group Holding Ltd. and Tencent Holdings Ltd. in China’s rapidly growing market for transportation apps.

News of the investment was first reported by Chinese state media China National Radio.

Earlier this month, San Francisco-based Uber raised $1.2 billion in a new round of funding that valued the company at $41 billion.