Photographer: Victor J. Blue/Bloomberg

Uber China Raises Financing at $7 Billion Valuation

The China division of the ride-hailing giant raised cash from local investors to fund its ongoing battle with local rival Didi Kuaidi.

Uber said its China division has raised financing that values that part of the ride-hailing company's operation at $7 billion. Travis Kalanick, Uber's chief executive officer, discussed the new funds at a press conference in Beijing on Monday.

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