Didi-Kuaidi, China’s largest taxi-hailing ride service, has announced a record breaking $2 billion USD in funding lead by Capital International Private Equity Fund and Ping An Ventures. Fittingly, the record outstrips the $1.2 billion D and E series funding records of Uber, Didi’s fastest growing foreign competitor in China.

Didi-Kuadi is now estimated at a value of $15 billion USD. Didi President Jean Liu has already indicated in an interview that the round will be open over the coming month, hoping to raise several hundred million more. 

According to the company, this brings the company’s cash reserves to $3.5 billion. Earlier this week, Chinese media reported that the Didi-Kuaidi partnership would soon begin o explore the American market with a series of R&D centers, however the company refused to comment on the matter. 

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com