Transportation

Alibaba-Backed Kuaidi Dache completes $800 million series D funding

Alibaba-Backed Kuaidi Dache completes $800 million series D funding

Chao Cheng

China Market Expert Expert, Senior Partner at SinoStep
Author of Sell Online To China (Your Opportunity in China’s Booming Cross-border eCommerce Market) andHow to Build A Right Chinese Website That Works In China.

Cheng Chao has extensive expertise in China market entry, global translation & localization, cross-border business development, and global digital marketing.

Chao founded ChineseTrans, where he led a team of senior linguists to establish ChineseTrans as the market leader in professional Chinese translation services.

Since 2011, Chao has served as the managing director of SinoStep, a consulting agency helping foreign investment enter into the China market. Backed up with a strong team of China business consultants experienced in different sectors, Chao has successfully introduced dozens of overseas brands into the China market, established their operations in China on early stage and adapted their businesses to the China market.

see Chao's Bio

Alibaba-Backed Kuaidi Dache, Chinese taxi and private car hailing app maker,  has completed US$800 million series D financing,

Alibaba Group Holding Ltd (NYSE:BABA), Tiger Global Management LLC, and two other unnamed investors participated in this round of funding.

Alibaba-Backed Kuaidi Dache completes $800 million series D funding

Alibaba-Backed Kuaidi Dache completes $800 million series D funding

Kuaidi Dache’s taxi apps cover more than 300 cities across the country. The company claims to be the largest such app maker in China with a 54% market share.

Kuaidi’s funding round comes right after the company’s key rival, Didi Dache, announced earlier in December 2014 that it had successfully completed $700 million series D financing. Didi Dache’s funding round was led by Tencent Holdings Limited (HKG:0700), Temasek Holding, and DST Global.

Transportation authorities in some China cities reportedly have made announcements that private car services via such apps like Kuaidi Dache and Didi Dache are illegal.

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