Name: SCMP
Telephone: +852-2680-8888

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Sophie Yu

SoftBank Group led a financing round to pump US$600 million into KuaiDi Dache, a leading mobile taxi booking app provider in mainland China, according to a statement issued by the company.
The other shareholders of KuaiDi include Alibaba Group and Tiger Global also participated in the financing, but the size of their investments were not disclosed.
The money will be used to “expand and improve” KuaiDi’s services in China, according to the statement.
Launched in 2012, KuaiDi now offers booking services to over 1 million taxis in more than 300 cities in China, including Hong Kong. It also provides a range of luxury cars to high-end consumers.
The financing comes after officials in Beijing have launched a crackdown on Uber-like transport services – allowing commuters to hire rides at the click of a button on their smartphones – in what they call a campaign against what they call “unlicensed taxis.”
Kuaidi is competing with rival Didi Dache, supported by internet giant Tencent, and both companies have been heavily subsidising both taxi drivers and passengers to gain market share.
Data of Beijing-based consultancy firm Analysys International showed KuaiDi has a 54.4 per cent share of the mobile taxi booking market in November based on cumulative user accounts.
Jonathan Lu, CEO of Alibaba Group, said Alibaba remained committed to the growth of KuaiDi as “we are confident in its future.”
“KuaiDi Dache is transforming China’s urban travel through technology and enriching the lives of many people in the process,” he said. “We believe that the mobile Internet is entering an exciting phase, and KuaiDi Dache is well-poised to grow from this.”
Beijing transport authorities have stepped up patrols and spot checks at the city’s airport, train stations and in downtown business districts for vehicles engaged in “illegal commercial operations”, a local official said.
Transportation authorities of a number of cities including Shanghai, Nanjing, Shenyang and Dalian have officially banned Uber-like services which connect private car owners with passengers.
 


SenseTime parlays academic bona fides in facial recognition, image processing into world’s largest artificial intelligence platform

Gojek and Tokopedia’s holding group GoTo plans fundraising ahead of blockbuster IPO this year

China’s P2P purge leaves millions of victims out in the cold, with losses in the billions, as concerns of social unrest swirl

The coronavirus pandemic may seed the next big thing in tech – and you’ll never guess what it is

The Next Big Thing

Alibaba Group, SoftBank pump US$600 million into taxi booking app provider in China

People get into taxis at Beijing's railway station. KuaiDi Dache got US$600 million in a financing round led by SoftBank and Alibaba. Photo: Xinhua 

Business

China Business

Lifestyle

Tech

Update | Alibaba Group, SoftBank pump US$600 million into taxi booking app provider in China