Uber receives nearly $2.86 billion investment from Chinese firms

Drivers wait outside the office of taxi-hailing service Uber during a driver recruitment event in Hong Kong, China Dec 29, 2015.
Drivers wait outside the office of taxi-hailing service Uber during a driver recruitment event in Hong Kong, China Dec 29, 2015.PHOTO: REUTERS

HONG KONG/BEIJING (REUTERS) - Uber Technologies said on Wednesday it has received almost US$2 billion (S$2.86 billion) in funding from Chinese investors, some as part of a recent fundraising round that valued the US firm's Chinese unit at US$7 billion.

Uber's main global entity received the rest of the money, though the company did not specify how much each unit got. The details were reported by Chinese media on Wednesday and confirmed by an Uber spokeswoman.

Previously unreported Chinese investors include China Minsheng Banking Corp, real estate developer China Vanke Co and China Broadband Capital.

Other investors include HNA Group Co, parent of Hainan Airlines Co, China Taiping Insurance Holdings Co, China Life Insurance Co, Guangzhou Automobile Group Co and CITIC Securities Co.

Uber's Chinese unit was valued at US$7 billion before taking on investment in its recently-closed Series B funding round, Uber CEO Travis Kalanick told reporters in Beijing on Monday.