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Alibaba-Backed Taxi App Said to Be Raising $500 Million

Hangzhou Kuaidi Technology Co., a taxi-booking service backed by Alibaba Group Holding Ltd., is raising more than $500 million to expand in China, according to a person familiar with the matter.

The Hangzhou-based company will issue new shares and receive investment from Alibaba, SoftBank Corp. and Tiger Global Management LLC, the person said, asking not to be identified because the matter is private. Kuaidi would be valued at more than $2 billion, the person said.