Didi Kuaidi, the largest cab aggregator in China, seems to be in talks to raise an additional fund of $1 Billion, said a report in Wall Street Journal. Sources close to the deal have confirmed that the deal is not yet closed, and the Chinese company is raising a valuation of $20 Billion.
Didi Kuaidi was formed a year ago as a result of a merger which made it the largest cab aggregator company in China is well ahead of competitors like Uber etc. It had raised a total of $3 Billion in 2015 at a valuation of $16.5 Billion. Of late, it has been indulged in expanding in various markets and categories to make the most of the opportunities. Currently, it offers registered taxis, peer-to-peer taxi service, shuttle service and chauffeur services.
Talking about the reach, it covers over 360 cities and towns across China, much more than the competitors. Also, the company is making 10 million bookings per day, half of which are private peer-to-peer style taxis.
This news comes at a time, when Uber and Didi Kuaidi are fighting head to head in a market, which could well be one of the biggest for such opportunities. Uber China, has been aggressively raising and marketing in China to take over the rival and the Chinese giant doesn’t seem too pleased about the same.