Well, I guess this seals Uber’s fate in China.
The SCMP reports that the China Investment Corporation (CIC) – China’s $600 billion sovereign wealth fund – has invested in Didi-Kuaidi, the region’s largest ride-hailing app.
How much they invested however was not revealed, though the stake does add the CIC to the firm’s long list of high-flying backers, which includes Alibaba, Tencent, the New York-based hedge fund Coatue Management, and the giant Singaporean investment fund Temasek.
As for Didi-Kuaidi, they’re not doing too shabby themselves. Their latest round of fund-raising valued the company at $15 billion, giving them more firepower to take on Uber straight-on:
“Didi Kuaidi, which controls 80 per cent of China’s private car hailing market, is spending heavily to compete against Uber, which is currently raising funds for a local subsidiary called UberChina.”
Photo: bfishadow