Uber
is focusing more funds and firepower on beating local competition in China, with the tax-booking app confirming it has raised $1.2bn in a round that included investment from Chinese search engine Baidu.
The San Francisco start-up, which has been valued at $50bn, raised the additional funding for Uber China shortly after it was reported that local rival Didi Kuaidi had raked in $3bn in a recent cash call.
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