Investments in Chinese tech companies had a 50% surge in the first quarter of 2016. Nevertheless, many of the investments were spent in the big startups.
Didi's target for funding has raised to $1.5 billion to compete with Uber in China. Didi operates in 400 cities and is expected to accelerate to about 10 million at the end of the year.
China will try to draw up rules to regulate ride hailing service as the market has grown very big. Meanwhile Indonesia transportation minister plan to ban Uber and GrabTaxi.
Fidelity Investments lead a $175 million investment in Series F funding for Snapchat. However, it does not change Snapchat valuation at $16 billion.
An official filing revealed that Uber is facing huge loss in its international operation, as the company spent big on global expansion. The main factors of the loss are regulatory obstacles and local rivalry.
Did Kuaidi, the largest ride-hailing service in China is about to raise $1 billion the same amount that Uber spent last year for its expansion. It is going to be a tough competition for both companies since they are being backed up by other large companies such as Alibaba and Tencent Holdings Inc.
Didi Kuaidi ride sharing service announced that it allows third party apps to access its ride-hailing service. Previously, the Chinese ridehailing company published that it has achieved more than one billion rides.
China uber-like startup, Yidao Yongche announced that the company will be receiving a huge investment from a Beijing-based company, LeTV. According to Yidao Yongche's statement, the three-year-old company is receiving investment worth $700 million by LeTv for 70 percent stake in the ride-hailing app company.
China's dominant taxi-hailing firm Didi Kuaidi will spend 1 billion yuan ($161.39 million) on promotions, the company said on Friday, in an aggressive expansion that will help lure in riders and fend of rivals like U.S. firm Uber Technologies Inc.