Kuaidi Dache taxi app raises $600 million
Popular taxi- hailing app Kuaidi Dache, backed by Alibaba Group Holding Ltd, said it had raised $600 million to strengthen its position in the hotly contested market.
The latest round of financing was led by Japanese telecommunications giant SoftBank Group, with the participation of Alibaba and Tiger Global Management LLC.
Lu Chuanwei, CEO of Kuaidi Dache, said the money will help Kuaidi expand its services in China and make a further positive impact on urban transportation.
Launched in 2012, Kuaidi, with its integrated mapping and third-party payment technology, has linked up with more than 1 million taxis in more than 300 cities across China, including Hong Kong. (Photo 2)