Travice, the operator of China-based taxi hailing app Kuaidi Dache, confirmed today that it has raised $600m in a round led by SoftBank Internet and Media (SIMI), a subsidiary of telecommunications firm SoftBank.
E-commerce company Alibaba also took part in the round, as did investment firm Tiger Global. Reports from China last week suggesting Kuaidi Dache had raised close to $800m in the round have proven to be wide of the mark.
Founded in 2012, Kuaidi Dache operates a taxi app similar to both Uber and Didi Dache, its main competitor in China, which raised $700m in a series D round backed by internet company Tencent in December.
Kuaidi Dache, which secured $100m from Alibaba, Matrix Partners and New Horizon Fund in spring 2014, will use the cash to fuel expansion in its home country, where it claimed a 54% share of the market as of November last year.
Nikesh Arora, chief executive of SIMI, said: “In two years, Kuaidi Dache has grown to become a leading player in the Chinese mobile taxi booking industry, and we are convinced it will see further remarkable growth thanks to its talented team, vision and leadership. We are excited to support Kuaidi Dache’s continued expansion in China.”
Jonathan Lu, Alibaba’s CEO added: “Kuaidi Dache is transforming China’s urban travel through technology and enriching the lives of many people in the process. Alibaba Group has remained committed to the growth of Kuaidi Dache as we are confident in its future. We believe that the mobile internet is entering an exciting phase, and Kuaidi Dache is well-poised to grow from this.”