Taxi-hailing app Didi Dache, backed by internet giant Tencent Holdings, attracted an investment worth more than 700 million USD headed by Singapore-based investment firm Temasak Holdings along with Russian investment firm DST Global and Tencent itself, making this the biggest investment round in China’s mobile internet sector, the company said in a press release.
Didi, dubbed the Chinese version of Uber (which also operates in China), is one of two main taxi apps in the country that allows users to reserve taxis—the other being Alibaba-backed Kuaidi Dache. The app currently offers service to more than 100 million registered users, and secures more than five million transactions each day.
The app allows users to bid for a cab by entering their location and desired destination. Customers can offer to pay an additional tip as well, allowing them to subvert government-set taxi costs. Both Shanghai and Beijing’s city governments banned all taxi-hailing during peak hours to regulate usage and lay down a “fair” playing field, although the apps have still proved problematic for customers attempting to hail down a cab.
[Image via CRI]