China’s biggest ride share company Didi Kuaidi has received a strategic investment from China Merchants Bank Co., Ltd., as part of a wider strategic partnership between the two companies, the pair said in a press conference today.
The companies did not disclose any details of the investment, but Reuters reported that the investment amounts to US$200 million.
The pair say they would work together on mobile payment, auto loans, cross marketing and other initiatives.
Specifically, Didi Kuaidi’s users can make payments using their China Merchants Bank credit or debit card. The two also plans to jointly issue credit cards to Didi Kuaidi’s users.
Drivers who wish to register for Didi Kuaidi can do so at China Merchants Bank’s offline locations. There are around 50 China Merchants Bank outlets currently offering the service.
The two have worked together for three years, and the strategic investment will further strengthen their relationship, says Didi Kuaidi president Liu Qing.
China Merchants Bank joins a long list of top investors backing the Chinese ride share giant, which has 250 million registered users and is expanding its geographical reach and business lines aggressively.
Alibaba Group Holdings Ltd., Tencent Holdings Ltd., China Investment Corp, Singapore’s Temasek Holdings, DST Global, and Tiger Global Management LLC are among Didi Kuaidi’s early investors.