Car rental company eHi has disclosed the purchase of a 8.4% stake in taxi-ordering service Kuaidi Dache in April for $25m.

Online car rental company eHi has revealed that it paid $25m in April for an 8.4% stake in China-based taxi ordering app Kuaidi Dache, which is also backed by e-commerce company Alibaba. 

The investment, disclosed as part of a filing for a $100m initial public offering eHi plans to launch in the US, was part of a series B round. As part of the deal, eHi also has a warrant buy an additional 4.7 millions shares in Kuaidi’s series C round. 

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