SoftBank Leads $600M Series D In Kuaidi Dache

Hangzhou, Zhejiang province-based Chinese taxi and private car hailing app maker Kuaidi Dache has completed US$600 million series D round of financing led by SoftBank Group, with participation from existing shareholders, Alibaba Group Holdings and Tiger Global Management LLC, according to a joint announcement.

The financing round, which was speculated to be US$800 million, was first reported two weeks ago.

The company says it will use the proceeds to expand and improve its services and products.

Launched in May 2012, Kuaidi Dache received US$10 million series A financing from Alibaba Group Holdings and Matrix Partners in 2013, according to information posted on its website.

The company reportedly completed over US$100 million series B financing from Matrix Partners and Alibaba, and an undisclosed amount of series C round in 2014.

Kuaidi Dache’s taxi apps provides taxi and car booking services to over one million taxis in over 300 cities in China.

The company is largest such app maker in China with a 54% market share, according to data provided by Beijing-based consultancy firm Analysys International in November 2014.

China Expert network