Chinese ride-hailing startup Didi Kuaidi raises US$2 bln

July 09, 2015 09:58
The latest funding round values Didi Kuaidi at roughly US$15 billion. Photo: AFP

Ride-hailing company Didi Kuaidi Joint Co. has raised US$2 billion in two weeks, the largest-ever fundraising for a Chinese technology startup.

The funding round values the chief rival of Uber Technologies Inc. in China at roughly US$15 billion, the Wall Street Journal reported, citing sources familiar with the situation.

The fundraising is the largest for a venture-backed private company in China, surpassing the US$1.6 billion raised by Chinese e-commerce giant Alibaba Group Holding Ltd. in 2011 and the more than US$1 billion raised by smartphone maker Xiaomi Corp. in December, the newspaper said.

Among its latest investors are Capital International Private Equity Funds and Ping An Ventures, Didi Kuaidi said in a statement, confirming an earlier Wall Street Journal report.

Capital International, the private-equity arm of Los Angeles-based money manager Capital Group Cos., invested around US$350 million, the sources said.

The fundraising is part of Didi Kuaidi’s escalating battle with Uber, which is also raising money to expand in China.

Didi Kuaidi enjoys the backing of Alibaba and Tencent Holdings Ltd. Both participated in the latest fundraising, the report said.

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