Baidu will invest in Uber
According to recent reports, Chinese web services company Baidu will invest in Uber Technologies, a popular taxi-hailing app maker with presence in many cities across the world.
If Baidu goes ahead with its investment plan in Uber, it will mark China's entry in the flourishing market for transportation apps. An individual familiar with the matter revealed about Baidu's investment in Uber, but did not tell anything about web services company's investment size or valuation offered for Uber stake.
As per the reports, the Chinese firm will conduct a press conference to announce the investment on December 17 in Beijing.
The deal has been reported by state media outlet China National Radio earlier this week. Uber announced earlier this month that the company has received funding which valued it at $40 billion. The company's increased value push it into the line of the world's most richly valued private companies.
After a long time, the company is in news for good reasons. Earlier, Spain, Thailand and some other countries had announced that they have halted the company's services for regulatory reasons. Adding to it, India has banned the company's cabs after the arrest of an Uber driver accused of rape. The country has announced to review the safety of the company's taxis.
Recently, City of Portland had filed a lawsuit against the ride-sharing service for operating illegally. Now, the case has been moved to federal court. According to the city, the company has been operating in the city will fulfilling the rules of the city.
Baidu's investment in Uber could help the company gain its reputation back. Baidu will announce the investment soon.
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