Uber may be banned in India, but bags lucrative funds deal from China’s Baidu

Search engine Baidu Inc will invest in taxi-hailing app maker Uber Technologies Inc…

Uber, uber india, uber cabs, uber taxi, uber cabs news, female cab drivers, female taxi drivers
Uber CEO Travis Kalanick

Search engine Baidu Inc will invest in taxi-hailing app maker Uber Technologies Inc, a person familiar with the matter said on Friday, becoming the latest Chinese Internet firm to take an interest in the flourishing market for transportation apps.

Uber was banned in India after one of its cab driver allegedly raped a women in New Delhi.

The size of Baidu’s investment – and its valuation of Uber – are unknown, but the Chinese firm has scheduled a press conference to announce an investment into an unnamed U.S.-based startup on Dec. 17 in Beijing.

State media outlet China National Radio reported the deal earlier this week.

Uber’s alliance with Baidu mirrors partnerships between dominant Chinese taxi-hailing apps Kuaidi Dache and Didi Dache, which have been backed by Baidu rivals Alibaba Group Holding Ltd  and Tencent Holdings Ltd respectively.

Uber said earlier this month it raised funding valuing the company at $40 billion, propelling it into the ranks of the world’s most richly valued private companies.

The U.S. startup has suffered a number of setbacks this week. Thailand and Spain are among countries to have halted its services for regulatory reasons, while in India, the arrest of an Uber driver accused of rape has led to a ban and a review of safety.

An Uber spokeswoman in Singapore did not respond to a request for comment.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.