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Uber is asking its investors for more money to expand in China

Biz Carson   

Uber is asking its investors for more money to expand in China
Tech1 min read

uber baidu china

REUTERS/Kim Kyung-Hoon

Uber CEO Travis Kalanick (L) smiles after receiving a gift from Baidu Inc. Chairman and CEO Robin Li after signing their documents during the Baidu and Uber strategic cooperation and investment signing ceremony at Baidu's headquarters in Beijing December 17, 2014.

Uber is nearing 1 million rides a day in China now and looking to raise new funds to expand there, according an email leaked to the Financial Times.

The email said, "given the enormity of the opportunity," its formally launching a fundraising round for UberChina on June 22. Uber is inviting its previous investors to participate in it.

Uber has not responded to request for comment.

"Simply stated, China is the #1 priority for Uber's global team," Kalanick said in the email. Guangzhou, Hangzhou and Chengdu are now the three largest cities on a trips basis, overtaking New York, according to the note.

The company has previously raised more than $5 billion in several funding rounds, including a $600 million investment from Chinese company Baidu.

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