The money just keeps on coming for ridesharing startup Uber, which may have raised as much as $600 million from China search giant Baidu, according to reports.
Last week, Uber's valuation rose to $40 billion after the company completed a seventh round of funding for $1.2 billion, but at the time the company said it might secure more money. Uber followed through on that possibility by securing an investment from Baidu, Bloomberg reported Friday. The investment is for a minority stake in Uber and could be worth up to $600 million, according to China National Radio.
Neither company has confirmed the investment, but Baidu said it has invested in an American startup and would announce the news on Dec. 17. For Uber, the boost in money comes at a perfect time as it faces legal battles around the world, including bans in India, Thailand, Spain and the Netherlands. Uber on Friday said it will also hear from a French commercial judge who is set to rule on whether the UberPop service can operate in the European country.