Didi Kuaidi has received at least USD one billion in commitments for a new financing round, says Bloomberg, citing an anonymous source.
AllChinaTech reached out to Didi Kuaidi, but a spokesperson declined to comment.
Bloomberg’s source says Didi will be valued at over USD 20 billion, once the round closes. The round is oversubscribed, and the company is still negotiating terms with investors, according to the source.
Didi’s current valuation is USD 16.5 billion. It received USD three billion last September in its last financing round.
Didi Kuaidi is Uber’s main competitor in China. It has been spending on adding new drivers and reducing fares to compete against Uber in a subsidy war. Didi denied claims made by Uber’s CEO Travis Kalanick last week that Didi is burning even more cash than they are, despite Uber’s USD one billion per year loss in China.
Didi has invested in GrabTaxi, Ola and Lyft, forming a global ridesharing alliance to counter Uber’s advances in Asia.