The battle between Uber Technologies and its main rivals in China is getting hotter, with two China Internet giants now backing Lyft, which is Uber’s biggest competitor in the U.S. In a funding round that closed in May, Alibaba Group (BABA) and Tencent Holdings (TCEHY) reportedly invested in San Francisco-based Lyft, the second-largest ride-hailing service company in the U.S., the Wall Street Journal reported. Alibaba and Tencent are also
Uber Technologies’ China unit raised $1.2 billion from Baidu (BIDU) and others, the ride-sharing app giant said Monday, while Chinese rival Didi Kuaidi, backed by Alibaba (BABA) and Tencent Holdings (TCEHY), reportedly raised $3 billion. Uber, the leading U.S. ride-sharing app, has been expanding heavily worldwide. China may be its greatest overseas opportunity — and its hardest. Uber CEO Travis Kalanick said Uber China has received $1.2 billion
As it pursues an aggressive global expansion, ride-hailing service Uber has hit a roadblock in China. The San Francisco-based company recently made accusations that Tencent Holdings (TCEHY), which partnered with Alibaba Group (BABA) to create China’s largest ride-hailing company in China, has been blocking the Uber app from WeChat, which is the dominant mobile messaging platform in China. Tencent’s WeChat has more than 600 million users. The Uber