Softbank leads significant investment in Kuaididache
Kuaididache announced it raised significant amount in its latest financing round from Softbank Group, Alibaba Group and Tiger Fund.
Kuaididache announced it raised US$600 million in its latest financing round from Softbank Group, Alibaba Group and Tiger Fund.
Established in 2012, Kuaididache has built a service network that covers 358 cities in China, including Hong Kong, and is the only Chinese taxi app competing with international services in Hong Kong.
It launched No1 Chauffeur Service late last year, offering luxury car hire service in 56 cities.
“We welcome Softbank, Alibaba and Tiger Fund’s participation in the financing round. The funding will enable us to continue to boost technology and product innovation to secure and expand our market position. Together we expect to enhance users’ service experience and continue to improve urban transportation systems,” Kuaididache’s CEO Chuanwei Lu said.
In 2013, Kuaididache raised US$10 million from Alibaba in the June Series A financing and acquired Shanghai-based taxi app Bumblebee in November. It also raised US$25 million from eHi Car Services subsidiary Elite Plus Developments in April 2014.
The competition of Kuaididache with rival taxi app company Didi Taxi is expected to heat up now that both have secured several rounds of investments.(Translation by David)