Taxi venture continues growing support and eyes arrival into multi-billion dollar Asian market.
Uber has reportedly secured an investment in the range of $1 billion from Chinese fund manager Hillhouse Capital Group.
The group will acquire bonds that convert into shares at a discount to Uber’s IPO price.
The longer Uber waits to go public, the bigger the ROI for investors will be, based on the terms of the convertible bond deal.
The latest funding round to involve the taxi company is the latest sign that the company is preparing to go public in an IPO, according to the WSJ.
In January, Uber received $1.6 billion in convertible debt from the Goldman Sachs Group.
Uber’s reported strategy includes China as a top priority for future growth and plans to invest $1 billion in the country this year.
On Monday the company launched its Asian arm, UberChina, to manage its funding rounds in the continent.