CIC said to have backed local taxi-booking app
Print Edition
CHINA’S sovereign wealth fund has invested an unspecified amount in Didi Kuaidi, China’s dominant taxi-booking app, which is competing against United States firm Uber Technologies, a person with knowledge of the matter said yesterday.
China Investment Corp is one of several investors that injected more than US$2 billion in recent months into the startup, which is now valued at US$15 billion, the person said.
The source, who spoke on condition of anonymity, did not give details about the size of CIC’s investment.
The sovereign wealth fund was not immediately available for comment.
Established in 2007 to invest China’s foreign exchange reserves, CIC now has about US$600 billion under management, including holdings in overseas real estate, natural resources and Chinese e-commerce giant Alibaba Group Holding Ltd.
Didi Kuaidi, which controls 80 percent of China’s private taxi-hailing market, is spending heavily to compete against Uber, which is raising funds for a local subsidiary called UberChina.
Didi Kuaidi’s other backers include Alibaba, Tencent Holding Ltd, Coatue Management and Singaporean state investment firm Temasek Holdings.
The company recently said it handles more than 3 million rides a day.
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