Uber Technologies China is drawing near their $1 billion goal of raising funds to help support their fight against wealthier Chinese rival Didi Kuaidi Joint Co.

According to a source, investors have decided to fund Uber and raise its valuation to around $7.5 billion. The final documents are ready and signed, but the source said that it could take a few weeks for the round to officially close.

Gaining Chinese investor's support can help the car-booking company to have collaborators in China, which is where its fiercest competitor is located. China is also the company's largest market outside the United States.

Chief executive of Uber has considered their China arm their priority thus seeking investors help raise $1 billion for the expansion plans in the country. Uber plans to have the Chinese government's support by establishing an operation that is funded by local investors. The Chinese government has since built challenges for US tech companies to expand in the country.

The local investors for Uber include one of Asia's largest financial managers, Hillhouse Capital Group. Hillhouse, however, is not joining Uber China's fundraising, a source said.

A year ago, Uber also created a partnership with local search engine company Baidu Inc, where the latter's payments and mapping services are used by the ride-sharing company.

Uber's toughest competitor in China, Didi Kuaidi, is supported by Tencent Holdings and Alibaba Group. Didi competes against Uber in adding passengers and drivers by sponsoring trip costs and giving drivers cash incentives.

In the previous month, Didi Kuadi improved its valuation to around $15 billion by raising funds of $2 billion from investors and at present, is looking for added capital in another closing of the round, which should be finished in several weeks.

Uber has not yet expressed IPO plans to the public but is searching for a chief financial officer that would be familiar with such matter.