View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Data Centre
September 8, 2015

In latest blow for Uber, Didi Kuaidi raises $3bn

Didi Kuaidi’s investors include SoftBank, Ping An Insurance and Beijing Automotive Group.

By CBR Staff Writer

Uber’s Chinese rival Didi Kuaidi is close to raising $3bn during its latest fundraising campaign, in the latest move to strengthen its position in the country.

The news broke at the same time as Chinese news website Sina cited Uber CEO Travis Kalanick confirming the $1.2bn funding from investors, including search giant Baidu for its Chinese unit.

Didi Kuaidi leads the private car business in the country and in July the company raised $2bn in private equity funding from investors including Tencent.

The latest round of financing has reportedly brought the total valuation of the company to $16.5bn, according to reports from Bloomberg citing people familiar with the matter.

Both the companies have been trying to improve their market share and attract drivers and riders in what is expected to be a $1 trillion-a-year market for transportation services.

Uber is planning to spend $1bn in China this year, and Didi Kuaidi announced that it is planning to give ¥1 bn ($161 m) worth of rides to commuters to compete against other players.

The journey has not been easy for Uber in the country, as recently WeChat threw Uber out of its service in China to support Didi Kuaidi.

Content from our partners
Why food manufacturers must pursue greater visibility and agility
How to define an empowered chief data officer
Financial management can be onerous for CFOs, but new tech is helping lighten the load

Previously, Uber‘s Hong Kong offices were raided by Chinese officials for illegal use of vehicles for hire.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU