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

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.