New report out of China says that Baidu will invest in Uber.
Chin's Baidu Inc. is reportedly investing in Uber Technologies Inc. There are no details available yet, but an announcement is supposed to be made on December 17.
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An investment in Uber would make sense for Baidu as the market for online transportation service is growing fast in China. Alibaba has invested in Uber competitor Lyft earlier this year.
Last month San Francisco-based Uber raised $1.2 billion in their latest round of financing that valued the company at $41 billion.
Sources of Chinese news site Sina say that Baidu could invest as much as $600 million in Uber as Uber has authorized the issue of shares worth $1.8 billion. As mentioned about $1.2 billion have already been raised.
The Baidu investment would the first good Uber news as the company faces several problems around the world involving rape and violence. Uber has been banned in several countries.