Japanese corporation Softbank and China’s e-commerce company Alibaba have led a USD 600 million series D investment round in Travice Inc, the operator of Chinese taxi hailing app Kuaidi Dache, with participation from Tiger Global. Softbank has been the major contributor in the funding and in 2014 it had invested around USD 500 million in Southeast Asia’s GrabTaxi and Indian app Ola.
The app will use the raised funds to expand its services and market share. Kuaidi is directly competing with with Didi Dache, in which internet firm Tencent Holdings Ltd has a stake, and U.S. firm Uber Technologies Inc, which is backed by Chinese internet firm Baidu Inc.
Started in 2012, Kuaidi is a global car service app which provides over 1 million taxis and claims to have 100 million registered users in over 300 cities in China. To optimize its service, it has also gotten into a partnership with Alipay, Ctrip, AutoNavi, Baidu Maps, Qunar among others. Including this round, Kuaidi had received a total capital of USD 725 million in 3 rounds from 6 investors.
Image Source: vvipone.comCategory Business Investments