Didi Kuaidi, a company that combines two leading Chinese taxi-hailing app makers Didi Dache and Kuaidi Dache, has raised US$2 billion in its new financing round, according to an announcement posted on the company’s Weibo account.
Investors in the round include Capital International Private Equity Fund, Ping An Ventures, as well as existing investors Alibaba Group Holdings Limited, Singapore’s Temasek Holdings, and Coatue Management.
The round, which began two weeks ago, will increase the three-year-old company’s cash reserves to over US$3.5 billion.
The financing round has not been fully completed, and the final fundraising total may exceed US$2 billion, says Chinese media reports.
Didi Kuaidi announced a merger in February, and both companies are backed by a long list of venture investors.
Didi Dache’s investors include GSR Ventures, Tencent Holdings Limited, CITIC Private Equity, Temasek Holdings, DST Global.
Kuaidi Dache received investments from Alibaba, Matrix Partners, New York-based investment firm Tiger Global Management LLC, and other unnamed investment funds.