Uber aims to expand to 100 additional cities in China over the next year, company CEO Travis Kalanick said today, doubling the ride-hailing service's previous target. As Reuters reports, the announcement comes after Uber China raised an additional $1.2 billion in financing. The company currently operates in 11 Chinese cities.
Speaking at a Beijing event held by Chinese search company Baidu, Kalanick said that Uber's market share has increased sharply in China, where it already faces competition from Didi Kuaidi, a Beijing-based taxi-hailing service. On Monday, Reuters reported that Didi Kuaidi has raised $3 billion in its latest round of fundraising, valuing the company at $16.5 billion.
Source: The Verge - Tech Posts http://ift.tt/1Lh1bzB
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