Ride-sharing app Didi Kuaidi, e-commerce company Alibaba and internet company Tencent were among the backers of US-based ride-sharing app Lyft’s $680m series E round, the Wall Street Journal has revealed.
The round was raised over two tranches, with internet company Rakuten leading an initial $530m investment in March 2015 and diversified holding company Icahn Enterprises participating in a $150m extension in May 2015.
Lyft’s series E round valued the company at $2.5bn. The company is working on a strategic partnership with its Chinese investors that could include sharing product plans.
Lyft has not yet announced plans for an expansion outside the US.
Founded in 2007, Lyft’s war chest stands at more than $1bn. In April 2014, Alibaba participated in a $250m series D round alongside Coatue Management, Third Point Ventures, Andreessen Horowitz, Founders Fund and Mayfield Fund.
Didi Kuaidi secured $3bn last week itself from insurance firm Ping An, Alibaba, Tencent, and others, to compete against US peer Uber’s local subsidiary Uber China, which in turn received $1.2bn in a round led by search engine provider Baidu.