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Chinese taxi hailing app KuaiDi Dache takes $600M Series D from Alibaba, Softbank
Chinese taxi-hailing app KuaiDi Dache (Travice Inc.) has raised $600 million Series D in a round that included Asian tech giants SoftBank Internet and Media Inc., and Alibaba Group Holding Ltd.
Launched in 2012, KuaiDi Dache is among the most popular taxi-hailing apps in China, and like its main competitor Didi Dache Co. Ltd. focuses on regulated, licensed cabs, unlike Uber Inc.’s services in the Middle Kingdom.
KuaiDi Dache’s app combines integrated mapping and third party payment technology, and has access to over 1 million taxis in more than 300 cities in mainland China and Hong Kong. The company offers both standard vehicles, and in a service named “Kuaidi One” luxury cars in direct competition to Uber Black.
KuaiDi Dache CEO said in a statement that “I am extremely excited to have investors such as SoftBank, Alibaba and Tiger Global participate in this round of financing. Their investment and expertise will enable us to greatly broaden our market reach. We are looking forward to working together to further expand our services, and to continue to positively impact city transportations systems.”
Based in Hangzhou, KuaiDi Dache has raised at least $725 million including the new round (details of Series A funding are not available) and previous investors include New Horizon Capital and Matrix Partners.
Main competitor Didi Dache is also well financed, with a Series D round in December raising $700 million from Temasek Holding Ltd., Tencent Holdings Ltd. and Russia’s DST Global.
The company said the latest financing would be used to further expand its services in China.
Image credit: KuaiDi Dache
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