Didi Kuaidi raises $3b in fund­ing

China Daily (Canada) - - TORONTO - By FAN­FEIFEI fan­feifei@chi­nadaily.com.cn

Didi Kuaidi, China’s largest mo­bile-based car-book­ing com­pany, has raised $3 bil­lion as fresh in­vest­ment through its latest fundrais­ing round, its top of­fi­cial said onWed­nes­day.

ChengWei, chair­man and CEO of Didi Kuaidi, told the Sum­mer Davos fo­rum be­ing held in Dalian, Liaon­ing province, that the fi­nanc­ing was led by sev­eral newin­vestors, in­clud­ing China In­vest­ment Corp, Cap­i­tal In­ter­na­tional Pri­vate Eq­uity Fund and Ping An Ven­tures.

Ex­ist­ing in­vestors like Alibaba Group Hold­ing Ltd, Ten­cent Hold­ings Ltd and Te­masek Hold­ings Pte also par­tic­i­pated in the fund­ing, he said.

This round has set a record for cap­i­tal raised by a pri­vate firm. The com­pany will have cash re­serves in ex­cess of $4 bil­lion, he said.

“We look for­ward to grow­ing our plat­form by strength­en­ing tech­nolo­gies and cre­at­ing bet­ter, more valu­able ex­pe­ri­ences for users,” Cheng said.

Liu Qing, pres­i­dent of Didi Kuaidi, said in July that the com­pany was plan­ning to rope in more strate­gic in­vestors.

Zhang Xu, an an­a­lyst at Bei­jing-based In­ter­net con­sul­tancy Analysys In­ter­na­tional, said the huge fund­ing amount shows Didi Kuaidi will con­tinue to ex­pand in the lo­cal mar­ket, pro­vid­ing more trans­porta­tion so­lu­tions for pas­sen­gers, such as car­pool­ing, chauf­feurs and bus ser­vices.

In June, the com­pany launched a so­cial ride-shar­ing ser­vice that en­ables ev­ery­day com­muters to car­pool to and from work, and bus ser­vices in Bei­jing and Shen­zhen, Guang­dong province, that of­fer com­muters af­ford­able travel choices.

Uber Tech­nolo­gies Inc, Didi Kuaidi’s big­gest ri­val, an­nounced on Mon­day that it has com­pleted a $1.2 bil­lion fundrais­ing, in­clud­ing that from its pre­vi­ous in­vestor Baidu Inc.

Meng Jing con­trib­uted to this story.

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