Didi invests in rival Uber's competitors outside China, such as Lyft, GrabTaxi and, recently, India's Ola. (Photo : www.technologynewschina.com)
Along with other big names, China's largest taxi app firm Didi Kuaidi has invested a total of $350 million in GrabTaxi, Uber's rival in Southeast Asia.
According to the statement released by Didi Kuaidi on Wednesday, its investor China Investment Corporation (CIC), the country's sovereign wealth fund, also joined the fundraising round.
Coatue Management, an existing GrabTaxi investor, completes the list of firms who fronted cash to the Singapore-based company's largest round so far.
However, the three-year-old GrabTaxi did not disclose the exact share for each company.
GrabTaxi plans to use the money to continue its diversification goals, expanding its services from taxis to private cars and motorcycles as well. This move targets people of different income classes and commuting needs.
Since it was launched in 2012 in Malaysia, it was able to raise around $700 million. Among its shareholders are Japanese telecom firm SoftBank Corp. and a Singapore state investor Temasek Holdings unit.
Currently, GrabTaxi serves 26 cities in six countries in the Southeast Asia region. Its Uber-style private car and motorbike taxi services are so far available in Thailand, Vietnam and Indonesia.
For Didi Kuaidi president Liu Qing, the deal with GrabTaxi will help them grow, revealing that their firm is willing to share its big data calculation and operation experience with the start-up.
The Chinese firm's investment comes after it raised $2 billion to boost cash reserves.
According to an Analysys International data, Didi Kuaidi currently covers 80 percent of the private car services market and 99 percent of the taxi-hailing market.
