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Didi Kuaidi takes stake in Lyft
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CHINA’S top taxi hailing app Didi Kuaidi has taken a stake in US archrival Uber’s own domestic competitor Lyft, the Wall Street Journal reported, as the firms spend fortunes competing for market share.
The Chinese company teamed up with two of its investors, Alibaba Group and Tencent Holdings, in a May funding round for Lyft, the report said, citing unnamed sources familiar with the matter.
The size of their share investment was not disclosed but the exercise valued the American firm at US$2.5 billion, the WSJ said.
None of the three companies would comment on the issue, and Alibaba, which the report said had already taken a stake in Lyft last year, would not reveal the size of its initial investment.
Uber, valued at US$50 billion and backed by Chinese search engine giant Baidu, launched operations in China last year.
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