Uber raises $1.2b for Chinese branch

Uber -- the app-based car service -- has raised $1.2 billion to keep expanding Uber China, a source close to the efforts said.

The fundraising round has not yet been completed, and hundreds of millions more should still be added, the source said.

The source confirmed US media reports that Chinese Internet search giant Baidu took part in this round.

Baidu has been an Uber investor since last year; in December it said it had made a strategic investment of about $600 million in the American company.