Rode sharing giant Uber has raised $1.2 billion in new funding to invest in its business in China.<br />The round was led by Chinese search giant Baidu, and Uber’s China subsidiary was valued at $8 billion, according to Chinese news site Sina.<br />Uber was valued at $50 billion in its last round of funding.<br />China is one of Uber’s fastest growing markets and the company is aggressively investing more money in expanding its reach there.<br />In June, Uber CEO Travis Kalanick told shareholders he planned to invest $1.1 billion in China in 2015.<br />Meanwhile Uber’s rival in China, Didi Kuaidi, is raising $3 billion in new funding, valuing the ride sharing company $16.5 billion according to a Bloomberg report Monday.
