Uber said on Thursday it has committed nearly $1 billion in additional funding for its China expansion, as it readies its application for a new government-mandated permit that will soon apply to all car-hailing businesses in the country.
It said it has also officially registered in the Shanghai Free Trade Zone as “Shanghai Wubo Information Technology,” with a registration capital of about $330 million. “This is making us the largest registered Internet company in Shanghai, and further deepening Uber China’s localization,” the company told VentureBeat in an emailed statement.
“Based on our talks with government, Uber China is actively preparing relevant document/materials, ready to apply for Internet-car-hailing platform permit following designated procedure after the new regulation comes out,” it added.
Uber’s global job openings tripled this year, thanks largely to its aggressive push in China, but also in India. At the end of September, it released its API in China to allow local developers to integrate Uber car-hailing services into their own apps.
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