Didi Dache-Kuaidi Dache, China’s largest taxi-hailing startup which is said to account for more than 90 percent of the market share, has just revealed a US$142 million investment from Weibo, a SEC filing of the Twitter-like social network. Weibo said in the filing the investment will be made through its Cayman Islands holding company Xiaoju Kuaizhi Inc.

This investment comes on heel of a merger between Didi and Kuaidi in Feb this year. The valuation of the combined company is estimated to be around US$8.75 billion, Wall Street Journal reported. Although the merger is still pending regulatory approval, it is widely-acclaimed by the industry as a means to end the money-burning wars between China’s largest taxi apps.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.