Didi Kuaidi, China’s most popular ride-hailing app and Uber’s top global rival, is seeking to close a further $1 billion USD in funding, valuing the company at more than $20 billion USD.

The round, initially reported by the Wall Street Journal who cited unnamed sources, has not yet been finalized and no potential investors were disclosed, though they did note that the round is oversubscribed.

The latest addition to Didi’s coffers will give them more leverage in their war against Uber as well as smaller Chinese ride-hailing services. Didi Kuaidi is the dominant player in the Chinese market, and also a strong competitor in the private car hailing market. The company currently claims to be working in more than 400 cities.

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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