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Gloves Off as Uber's China Foe Vows to Be Last One Standing

  • Funding said to exceed previous $1 billion target on demand
  • Didi said to be valued at more than $20 billion by investors
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Didi Kuaidi, China’s largest ride-hailing service, has warned arch-foe Uber Technologies Inc. that its days are numbered.

The startup backed by the country’s largest Internet corporations is stockpiling cash for the battle ahead. It raised the target on its latest round of funding to more than $1.5 billion, which could value the company at more than $20 billion, according to a person familiar with the matter. The person asked not to be named because the matter is private.