Alibaba-Backed Kuaidi Dache, Chinese taxi and private car hailing app maker, has completed US$800 million series D financing,
Alibaba Group Holding Ltd (NYSE:BABA), Tiger Global Management LLC, and two other unnamed investors participated in this round of funding.
Kuaidi Dache’s taxi apps cover more than 300 cities across the country. The company claims to be the largest such app maker in China with a 54% market share.
Kuaidi’s funding round comes right after the company’s key rival, Didi Dache, announced earlier in December 2014 that it had successfully completed $700 million series D financing. Didi Dache’s funding round was led by Tencent Holdings Limited (HKG:0700), Temasek Holding, and DST Global.
Transportation authorities in some China cities reportedly have made announcements that private car services via such apps like Kuaidi Dache and Didi Dache are illegal.