Uber Is Raising $1B To Crack China, Soon To Be Its Largest Market Worldwide


Uber may be on the wrong end of a 95 percent-plus marketshare that its chief rival Didi Kuaidi enjoys in China, but the country is on track to overtake the U.S. and become the U.S. firm’s largest market before the end of 2015. That’s according to communications leaked to the Financial Times (pay wall).

In a letter reportedly send to investors ahead of a planned funding raise of $1 billion for China — to help Uber expand into 50 new cities there; it currently operates in 11 — Uber CEO Travis Kalanick provided surprising nuggets of how the U.S. firm is performing in China. Kalanick’s information is at odds with how Uber is perceived in the country, where it is seen as an outsider struggling for marketshare.

Kalanick claimed that Uber is logging nearly one million trips per day across China. If true — there have been suggestions that its generous subsidies are being…

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Author: Herman Clive Quotes.

Am Ugandan, Writer, Information Junkie, love Activism for Human rights and Freedom.

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