Off the wire
• Singapore's train service operator apologizes for massive disruption  • Australia reports alarming rise in airport seizures of credit card knives  • Bank household loans in S. Korea post second-highest growth on low rates  • 2nd LD: CSF to increase share purchase, offers brokers credit to support stock market  • Colombian rebels kill one soldier, injuring two  • Spotlight: Greece, eurozone scramble to avoid Greixt  • 3-citizenship tennis player Olmos to represent Mexico in Universiade  • Chinese, Dutch firms meet to expand cooperation on agricultrue, food  • China builds multiple unit train for Europe  • Tasmania's growing reputation as tourist destination partly due to Chinese president's visit  
You are here: 　 Home

China's Didi Kuaidi raises USD 2 bln, boosting cash reserves

Xinhua, July 8, 2015 Adjust font size:

China's homegrown taxi-hailing service Didi Kuaidi announced it has raised 2 billion U.S. dollars since starting fundraising two weeks ago, boosting its cash reserves.

Existing stakeholders such as Alibaba, Tencent, Temasek and Coatue Management participated in the fundraising, while Capital International Private Equity Fund, Ping An Ventures, and several other globally renowned investors have invested in this round of fundraising, the company said in a statement.

Didi Kuaidi had previously raised the financing target and is now looking to pool a further few hundred million dollars from new investors before the final closing in the coming month due to strong demand from existing and new investors.

Initially, the Chinese company had considered raising as much as 1.5 billion U.S. dollars, according to previous reports.

With the newly added 2 billion U.S. dollars, Didi Kuaidi will increase its cash reserves to above 3.5 billion U.S. dollars.

Competition in China's ride-hailing market is growing as the U.S. company Uber Technologies Inc. started its formal fundraising specifically for its China operation, UberChina, this week as global investors are eager to tap into the fast-growing Chinese market.

Didi Kuaidi is trying to broaden its offering to Chinese riders by expanding its premium car services and a carpool offerings from its previous focus on the taxi market.

Didi Kuaidi now serves 3 million daily rides and covers 80 cities with private car services, with a 80-percent of the market share, and a 90-percent share, or 3 million daily rides, for taxi-hailing market, according to data from Analysys International. Endi