China’s leading mobile taxi booking app secures $600M from SoftBank Group, Alibaba Group and Tiger Global
Travice Inc., the operator and developer of KuaiDi Dache, a leading mobile taxi booking app provider in China, SoftBank Internet and Media, Inc. (SIMI), and Alibaba Group Holding Limited announced an agreement under which SoftBank Group (further described below) led a financing round of approximately US$600 million, with participation from existing shareholders Alibaba Group and Tiger Global, to expand and improve KuaiDi Dache’s services in China.
Launched in 2012, KuaiDi Dache has grown to become one of the leading and most widely used mobile taxi booking app providers in China. KuaiDi Dache’s app combines integrated mapping and third party payment technology to provide widely accessible booking services to more than 1 million taxis in more than 300 cities in China, including Hong Kong, as well as a range of standard and luxury cars to suit a variety of lifestyles.
The latest available data provided by Beijing-based consultancy firm Analysys International in November 2014 showed Kuaidi Dache leading the industry with a 54.4% share of the mobile taxi booking market in China by cumulative user accounts.