Chinese internet giant Baidu to invest 600M dollars in 'under fire' Uber
Washington, Dec 13: Chinese internet giant Baidu is reportedly planning to invest up to 600 million dollars into Uber in a deal with the US firm.
According to Tech Crunch, a Baidu spokesperson confirmed that the company has arranged a press conference for next week when it will announce "an investment in and strategic cooperation deal with a prominent US-based startup."
The report said that a deal was expected to be announced next Wednesday, sealing the partnership between the two firms.
Baidu has focused on emerging markets, including Southeast Asia, Egypt and Brazil, where it recently acquired e-commerce site Peixe Urbano.
The Chinese company has been focusing on emerging markets across the globe and it recently acquired e-commerce site Peixe Urbano in Brazil.
Meanwhile, Uber, on the other hand, has ventured into the same markets in an attempt to establish itself globally and Baidu could prove to be a valuable distribution partner. (ANI)