Didi Kuaidi raises $3b in funding

The booth of Didi Kuaidi at an expo in Shenyang, capital of Liaoning province. [Photo/China Daily]

Didi Kuaidi, China's largest mobile-based car-booking company, has raised $3 billion as fresh investment through its latest fundraising round, its top official said on Wednesday.

Cheng Wei, chairman and CEO of Didi Kuaidi, told the Summer Davos forum being held in Dalian, Liaoning province, that the financing was led by several new investors, including China Investment Corp, Capital International Private Equity Fund and Ping An Ventures.

Existing investors like Alibaba Group Holding Ltd, Tencent Holdings Ltd and Temasek Holdings Pte also participated in the funding, he said.

This round has set a record for capital raised by a private firm. The company will have cash reserves in excess of $4 billion, he said.

"We look forward to growing our platform by strengthening technologies and creating better, more valuable experiences for users," Cheng said.

Liu Qing, president of Didi Kuaidi, said in July that the company was planning to rope in more strategic investors.

Zhang Xu, an analyst at Beijing-based Internet consultancy Analysys International, said the huge funding amount shows Didi Kuaidi will continue to expand in the local market, providing more transportation solutions for passengers, such as carpooling, chauffeurs and bus services.

In June, the company launched a social ride-sharing service that enables everyday commuters to carpool to and from work, and bus services in Beijing and Shenzhen, Guangdong province, that offer commuters affordable travel choices.

Uber Technologies Inc, Didi Kuaidi's biggest rival, announced on Monday that it has completed a $1.2 billion fundraising, including that from its previous investor Baidu Inc.

Meng Jing contributed to this story.