Bitauto Holdings Ltd., an online content and marketing services outfit, raised $300 million in its latest funding round. Leading technology companies such as JD.com, Tencent and Baidu participated, with each contributing $50 million. PA Grand Opportunity Limited picked up stake worth $150 million. Tencent and JD.com already have stakes in the company while Baidu being the newcomer.

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Bitauto is a public trading company engaged in running the online car marketplace. It is currently valued at about $1.4 billion. Baidu, JD.com and Tencent bought 2,471,577 newly issued ordinary shares at $20.23 apiece. PA Grand Opportunity invested via convertible bonds. It also has a total return swap arrangement, under which Bitauto chairperson and CEO William Li will acquire a part of the convertible bonds through PA Grand.

JD.com and Tencent infused $1.55 billion yuan in Bitauto in January last year. The company CEO William Li said, "Through our cooperation over the past year with JD.com and Tencent, China's leaders in world-class e-commerce, social media, and big data, we have gained tremendous momentum in making Bitauto the industry leader in online automobile transactions." The company also plans to leverage Baidu.com expertise in desktop and mobile online search, transaction services platforms and big data.

The transaction shows growing transportation sector in China. Bitauto is an investor in Dida Pinche, a Chinese carpooling company, and competitor of Uber. However, its new investor Baidu.com holds a stake in Uber. This arrangement may signify potential developments in the coming months as Bitauto CFO was reported to hold discussions with Uber in 2015.

TagsBitauto, Baidu, Tencent, JD.com, Uber