Uber China Rival Didi Kuaidi Raising $1 Billion at Valuation of More Than $20 Billion
The ride-hailing giant aims to stay ahead of Uber, which plans to spend more than $1 billion in China this year.
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Didi Kuaidi, the biggest ride-hailing company in China, has received at least $1 billion in commitments for a new fundraising round, according to a person familiar with the matter.
Once the financing closes, it would value the Uber rival at more than $20 billion, said the person, who asked not to be named because the terms aren't final. The round is oversubscribed, and the company is still negotiating terms with investors, the person said. Didi Kuaidi declined to comment.