Deals
Baidu to Seek Up to $500 Million for Waimai Delivery Unit
- Waimai faces fierce competition for customers, restaurants
- Chairman Robin Li has invested heavily in offline services
Riders for Baidu's Waimai food delivery service in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Baidu Inc. is seeking to raise as much as $500 million for its Waimai food delivery unit amid a costly battle with other Chinese internet giants for customers, according to people familiar with the matter.
The company is looking for at least $300 million and the funding round hasn’t been finalized, the people said, asking not to be identified as the details are private.