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Chinese taxi app Didi expected to close $100M in Series C from Tencent
Chinese taxi app Didi Dache (Didi for short) is reportedly looking to raise $100 million in a Series C round of funding. Citic and Tencent are the investors in this latest round, according to VentureBeat.
Tencent has already backed the company with $15 million in its last funding round. The Chinese taxi app is expected to be integrated into WeChat, the mobile VoIP (Voice over Internet Protocol) and text application. WeChat users will reportedly be able to pay for the taxi service with WeChat Payment. The taxi app has been integrated into the updated version of Tencent Maps, the report detailed.
Although taxi apps and some features have been banned by Chinese local governments, these apps were said to have been widely used by drivers and customers in bigger cities. The taxi app companies are expected to use the funding they receive to expand into smaller cities and beyond mainland China, the report detailed.
Dahuangfeng, another Chinese taxi app, disclosed last week that it had 200 to 300 taxis in Hong Kong. The company is also targeting expansion in Taiwan, Korea, and Japan, VentureBeat reported.
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