The taxi hailing app has reportedly closed an Alibaba-backed round worth almost $800m as it seeks to compete with its Chinese competitor.
China-based taxi hailing app Kuaidi Dache has raised almost $800m in a series D round featuring e-commerce company Alibaba and investment firm Tiger Fund, China Travel News has reported.
The round, raised at a $4bn valuation according to an undisclosed source, reportedly also included two unnamed funds.
Kuaidi Dache secured $100m from Alibaba, Matrix Partners and New Horizon Fund in spring last year, with online car rental agency eHi investing $25m to secure an 8.4% stake in the company. China…
