Didi Kuaidi Completes $3B Record Funding Round From CIC, Ping An

China’s biggest ride share company Didi Kuaidi says it has raised US$3 billion in its latest funding round, which is a record for unlisted companies globally.

In an announcement, the company reveals that China Investment Corp and Ping An Insurance Company of China are among the round’s investors, but did not provide more details.

In July, when Didi Kuaidi announced it had raised US$2 billion from investors, it said that Capital International Private Equity Fund, existing investors Alibaba Group Holdings Limited, Singapore’s Temasek Holdings and Coatue Management were participating.

Didi Kuaidi says that along with the latest investments from some strategic Chinese partners, it plans to expand its scope of businesses beyond transportation.

After the completion of the funding round, Didi Kuaidi will have approximately US$4 billion cash reserves in total.

San Francisco, California-headquartered competitor Uber Technologies Inc’s China unit is reportedly close to complete a US$1 billion fundraising round from Chinese investors.

Didi Kuaidi is the result of a merger announced in February between two rivals, Didi Dache and Kuaidi Dache.

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.

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