Rode sharing giant Uber has raised $1.2 billion in new funding to invest in its business in China.
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. Uber was valued at $50 billion in its last round of funding.
China is one of Uber’s fastest growing markets and the company is aggressively investing more money in expanding its reach there. In June, Uber CEO Travis Kalanick told shareholders he planned to invest $1.1 billion in China in 2015.
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.
For more on Uber and competitors battling it out in China, check out the video below.