Chinese car-hailing app Didi makes inroads into India
K J M Varma November 19, 2015
The Chinese start-up declined to specify how much it had invested to the fund that was, among others, backed by Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group and DST Global, state-run Xinhua news agency reported.
Didi Chuxing, formerly known as Didi Kuaidi, already provides taxi-hailing, chauffeur and ride-sharing services and dominates China's online taxi-hailing market.
Didi said in late September that it had an undisclosed amount of stakes in the Indian company, following a $100 million investment in Lyft, a ride-sharing service in the US and $350 million joint investment in Grabtaxi in southeast Asia.
Alongside battling Uber in China, Beijing-based Didi has chosen to invest in Uber's rivals in other countries to compete globally.
Didi is currently valued at $16.5 billion after CEO Cheng Wei announced in September that the start-up had secured its next round of funding - to the tune of $3 billion.