Didi Dache, a China-based taxi-hailing app developed by Beijing XiaoJu Technology Company, has closed a $100m series C funding round led by Citic PE, the strategic onshore private equity platform of Citic Group and Citic Securities. Tencent, a Chinese tech conglomerate, also participated in the financing round.
The funds will be used to improve user experience and expand the domestic markets.
Previously, the company closed a $3m round from GSR Ventures in September 2012 and received $15m from Tencent in May 2013.
Tencent’s instant messaging tool, WeChat, has integrated Didi Dache into its payment services.
Cheng Wei, the chief executive officer of XiaoJu Technology Company, said: “ Previously, only customers in Beijing could use WeChat for payment, but now it will be expanding to other major cities. We also have an elaborate selection of the investors and gladly we choose Citic PE and Tencent.”
Kuaide Dache, another popular taxi-hailing app, has been the biggest rival to Didi Dache. Kuaide Dache has raised several million US dollars from Chinese e-commerce giant Alibaba and allows its users to pay from Alibaba’s Alipay Wallet.