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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.

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

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