Didi Taxi app eyes IPO to cement position
Print Edition
DIDI Taxi, one of China’s leading taxi hailing applications, is eying an initial public offering to cement its market position.
The Beijing-based company is said to be planning an IPO in three to five years, Bloomberg News said yesterday, citing its co-founder Zhang Bo. A Didi Taxi official told Shanghai Daily that the process “could take years” to complete.
Tencent-backed Didi Taxi competes with Hangzhou-based Kuaidi Taxi which partners third-party payment service Alipay. Tencent earlier this year said it teamed up with CITIC Private Equity Funds Management Co to invest US$100 million in Didi Taxi.
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