Changxing Information Technology, the owner of China-based taxi ordering app Dida Pinche, has raised $100m from investors including automotive information provider Bitauto and corporate-affiliated venture capital fund IDG Capital Partners.
Asset management firm China Renaissance Capital Investments led the series C round, which also included private equity and VC firm TrustBridge Partners. IDG Capital is affiliated with US-based IT media and data company International Data Group.
Founded only last year, Dida Pinche runs a ride sharing service enabling users to order a lift through its mobile app. It operates in 13 Chinese cities, and will invest the series C cash in product development, customer service, and sales and marketing.
The company competes with Didi Dache and Kuaidi Dache, which jointly hold a market share of over 95% in China, Tiantian Yongche, 51Yongche and US-based Uber, which despite being the global market leader, has found the going tough.
IDG Capital had earlier provided $10m for Dida Pinche’s series A round, before Bitauto invested $20m in the company, according to Marbridge Consulting.