And it's backed by Alibaba and Tencent
Ride-sharing app Didi Kuaidi is posting big gains over rival Uber in China. In fact, the company boasts having three times more car trips each day than its American competitor.
Reuters reported that Didi Kuaidi has 80% of the ridesharing market in China. Its parent company, Xiaoju Kuaizhi, is expected to raise more than $1.5 billion from investors, although it could nab over $2 billion.
The value of the company is around the $15 billion, according to Reuters, while Uber is valued at $40 billion.
“In overall rides, we now have 10x the volume of our closest competitor in China and at least 3x its global volume,” according to a Didi Kuaidi letter to shareholders that Reuters obtained. “With advantages in scale and operational efficiency, we can provide more ride orders to drivers than competitors.”
But how many rides are each responsible for? Didi Kuaidi says it has three million car requests each day, while Uber said it does one million.
The publication reported that Didi Kuaidi has backing from both Alibaba BABA and Tencent, two of China’s largest companies.
With whispers of Uber going public growing louder, the company recently entered a funding round in China led by investment group Hillhouse Capital. It could reach about $1 billion.