Date
30 March 2017
Didi Kuaidi and Uber are beefing up their war-chests as they compete for a bigger share of the Chinese car-hailing market. Photo: Bloomberg
Didi Kuaidi and Uber are beefing up their war-chests as they compete for a bigger share of the Chinese car-hailing market. Photo: Bloomberg

Didi Kuaidi, Uber raise more funds to step up China battle

Didi Kuaidi is nearing a “second closing” that would raise an additional US$1 billion for the Chinese taxi-hailing app operator, the Wall Street Journal reported, citing sources familiar with the matter.

As the company had earlier brought in US$2 billion in July, it would mean total fund-raising of US$3 billion in the latest round, it said.

The combined US$3 billion fundraising round could be the largest ever by a tech startup, according to the report.

Meanwhile, rival car-hailing app operator Uber Technologies has also raised more funds for its China unit. 

Uber has raised US$1.2 billion so far from investors for its China unit, including an additional investment from strategic partner Baidu, according to the report.

The Journal said a spokeswoman for Uber confirmed CEO Travis Kalanick’s comments published on Sina news website regarding the Chinese fund-raising.

The spokeswoman however declined to say how much Baidu invested in this round. 

The fund-raising moves by Uber and Didi Kuaidi come as the firms try to carve a bigger slice of China’s fast-growing ride-hailing market.

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