Didi Kuaidi

Tencent tips in $100 million funding round for Chinas leading taxi-hailing app
Cheng Wei, founder of the taxi booking app Didi Dache, poses during an interview in Beijing, China, 2 January 2014. Chinese taxi booking app Didi Dache has started off the new year with a bang, receiving a fresh round of $100 million in funding, according to Tencent Tech. Citic PE is leading the series C funding round with a contribution of $60 million, while tech giant Tencent follows with an investment of $30 million. In May 2013, Tencent gave $15 million in funding to the company. Didi Dache works like most other like-minded transportation apps in the US, though with some key differences. Chinese users in need of a lift can open the app and push a button requesting a ride, and drivers logged onto Didis system will in turn receive a notification. However, passengers can optionally add on tips of various sizes in an effort to entice the driver to come pick you up. Unlike Uber, the most-watched car-booking app on an international level, neither Didi nor the driver get to skim off the top of the payment. In most cases, transactions are conducted via cash.Photograph by Imaginechina/AP

    Company Information

    Valuation$16 billion
    HeadquartersBeijing, China
    CEOCheng Wei