Search giant Baidu invests in Uber as China’s car service market heats up


Uber will take a major step toward expansion in China with an investment from search giant Baidu, according to various reports

Baidu will add up to $600 million to Uber’s already massive stockpile of cash in return for a minority stake, according to reports from Bloomberg and China National Radio. The move gives Uber a powerful partner in China, a market that projects to be a major part of ride service company’s growth

A spokesperson for Baidu told Mashable that during a press conference on Dec. 17 in Beijing, the company will announce an investment and strategic partnership with “a prominent US-based startup,” but could offer no other details …

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Via: Mashable: Startups

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