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Chinese Uber Rival Will Raise Funds at $15 Billion Valuation

Taxi applications backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd. are seeking to raise funds that value the company at $12 billion to $15 billion, people familiar with the matter said.

Xiaoju Kuaizhi Inc. is raising at least $1.5 billion to fend off Uber Technologies Inc. in China, the people said, asking not to be identified because they aren’t authorized to speak about the matter. The funding is coming from new and old investors, with the valuation doubling since the competing Didi and Kuaidi apps combined in February, the people said.