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Uber’s Biggest Rival in China Just Raised $1.5 Billion in 5 Days

Discussion in 'General Rideshare Forum' started by Dreamer, Jun 28, 2015.

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  1. Dreamer

    Dreamer
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    Didi Kuaidi, the car-booking business backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd., told investors in a letter Friday its $1.5 billion fundraising target was oversubscribed in five days.

    Xiaoju Kuaizhi Inc., which operates the Didi and Kuaidi apps, said it may increase the amount to be raised. Rival Uber Technologies Inc. has said it may spend $1 billion to expand in China.

    The Didi and Kuaidi apps, which form China’s largest taxi and ride-sharing platform, merged this year to limit the rising costs of competing with each other and Uber. The Chinese company works directly with existing taxi drivers, sidestepping some of the protests Uber has faced in the country.

    “Taxis themselves are an important part of ridesharing,” Cheng Wei, Xiaoju Kuaizhi chairman, said in the letter. “Taxi hailing not only provides a trusted and stable method to transportation, but is also a $50 billion industry that employs millions of taxi drivers across China.”

    Private car requests have tripled to 3 million daily rides on Didi Kuaidi platforms since May and gross merchandise volume is expected to reach $12 billion by the end of this year, according to the letter.

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  2. Throckmorton Subterfuge

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    HOORAY FOR "Disruptive" Didi!
    Spanking Travis rightwhere it hurts:
    In the Bloated Ego!
     
  3. Lidman

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    Finally found a suitable spot to post. I don't know exactly how many taxi are on the road at any given time but I got the feeling the drivers (uber or that Chinese one-) are going to be like "what was I thinking" however on a more positgive note opportunities to make more friends will skyrockets.
     
  4. Lidman

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    DriverJ: if you happen to find your way on too this site feel free to stop by this thread to say hello.
     
  5. Harry Flashman

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    he will be joining us in the near future he said.
     
  6. Throckmorton Subterfuge

    Throckmorton Subterfuge
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    Speedicut, looking Sheila-worthy in
    Budgie Smugglers delivers!

    Has "Dolly" hit on You yet ? She's
    ignoring my Saucy Advances.
     
    Harry Flashman likes this.
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