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Tencent, Citic back Chinese taxi app Didi Dache as part of $100m Series C drive

2 Jan 2014

china taxiVenture capital-backed Chinese taxi app business Didi Dache is raising up to $100m in Series C funding to help it battle against rival Kuaidi.

Citic Capital and Tencent have already invested in the business, with Tencent having already put capital into the company’s last $15m funding round according to VentureBeat

Competitor Kuaidi is backed by Alibaba’s corporate venture arm.

Last November French chauffeur and taxi service LeCab raised €5m in its Series B round, adding to €3m it had previously collected from investors.

The company offers a fixed price calculated according to the distance to be covered. It said it aims to have 350 cars on the road before the end of 2013, with up to 1,000 by the end of 2014.

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