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Didi Rival Is Said to Seek Up to $300 Million in Pre-IPO Round

  • IDG Capital-backed Dida Chuxing turned profitable in April
  • Ride-hailing sees declining investor interest post Uber IPO

Chinese ride-hailing startup Dida Chuxing is seeking to raise as much as $300 million and is considering an initial public offering, escalating competition with larger rival Didi Chuxing, according to people familiar with the matter.

IDG Capital-backed Dida is raising between $250 million to $300 million in a pre-IPO round that it pitched to a wide range of investors, the people said, asking not to be named because the matter is private. Dida has mulled floating on exchanges in mainland China or Hong Kong, but prefers the latter, one person said. A Dida spokeswoman declined to comment.