CIC Invests In Venture-Backed Didi Kuaidi

China Investment Corporation (CIC) has made an undisclosed investment in Chinese taxi-hailing app maker Didi Kuaidi, according to media reports.

Representatives at CIC did not reply to an inquiry to confirm the news.

The investment is part of Didi Kuaidi’s latest financing round, which the company revealed in early July.

Previous investors in the round included Capital International Private Equity Fund, Ping An Ventures, as well as existing investors Alibaba Group Holdings Limited, Singapore’s Temasek Holdings, and Coatue Management.

Didi Kuaidi, which handles three million rides daily via its mobile platforms, is the result of a merger of two venture-backed companies, Didi Dache and Kuaid Dache, in February.

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.

China Expert network
China Expert network