Kuaidi seeks US$600m in new funding
Print Edition
ALIBABA-INVESTED Kuaidi Taxi, one of China’s top two taxi booking apps, said yesterday it plans to raise US$600 million in a latest round of financing to upgrade technology and boost its share in the taxi and luxury car booking market.
The new investors include Softbank, Tiger Fund and Alibaba Group, whose initial public offering in the US raised a record US$25 billion in September, the world’s biggest IPO in 2014.
With the new investment, Alibaba-backed Kuaidi will intensify competition with arch rival Tencent-invested Didi Taxi.
Both Kuaidi and Didi have more than 90 percent share of the market due to strong investors and online coupons offered to passengers and rewards to drivers.
Both apps offer passengers 3-10 yuan (48 US cents to US$1.61) for each taxi trip if they choose to pay through Alibaba or Tencent’s payment tools.
“Kuaidi has changed the lifestyle of Chinese people. We are fully prepared to continue supporting Kuaidi,” Lu Zhaoxi, Alibaba’s chief executive, said in a statement.
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