This Uber Rival Just Raised $3 Billion In Funding

China Merchants Bank has opted for invest $200 million (roughly Rs. 1, 360 crores) in ride-hailing startup Didi Kuaidi during its latest $3 million (roughly Rs. 24, 012 crores) fundraising spherical, a person with understanding of the matter said.

This Uber Rival Just Raised $3 Billion In Funding

A Didi Kuaidi spokeswoman declined to discuss China Merchants Bank's (CMB) purchase but said China's largest ride-hailing company has become valued at $16. 5 million (roughly Rs. 1, 12, 266 crores) as soon as the overall fundraising round. In September, Didi Kuaidi validated it had raised $3 million.

Didi Kuaidi, which is backed by simply China's biggest e-commerce company Alibaba Group Holding and leading social media company Tencent Holdings, is struggling with US startup Uber Technology Inc's local arm, an inferior but well-funded rival.

This Uber Rival Just Raised $3 Billion In Funding

With Tuesday, Didi Kuaidi announced a strategic partnership together with CMB, under which customers from the bank can use their credit cards to cover Didi Kuaidi rides, as well as the bank will help this startup's drivers finance brand new car purchases. That, in return, could expand the company's pool of drivers and help current drivers buy better cars to raise service.

With $3 million of funding, Didi Kuaidi wishes to pick investors who can offer more than just cash, Jean Liu, the corporation's president, said on Mondy.

Previously disclosed investors from the round were China Purchase Corp, Capital International Private Equity Fund, Ping A Ventures, Alibaba, Tencent, Temasek and Coatue Management.