Kuaidi Dache taxi app raises $600 mil­lion

China Daily (Canada) - - FRONT PAGE -

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)

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