Didi Kuaidi Raises $2 Million in latest funding session

Didi Kuaidi, China's leading taxi-hailing platform, raised $2 billion through fundraising that started nearly two weeks ago. The Chinese taxi-hailing app did so as the company is battling with Uber Technologies in China.

Didi Kuaidi, which is backed by Alibaba and Tencent calls itself the world's largest one-stop mobile-based transportation network. It also said its fundraising attracted 'tremendous interest' from global investors.

The company also stated that it is further looking forwards to raise a few hundred million dollars from its new investors in the coming month.

Cheng Wei, chief executive officer and chairman of the company said, "The fact that global investors are eager to participate in this fundraising round shows their confidence in the development of our company".

The popularity of private-car booking enterprises such as Didi Kuaidi and Uber has increased in China. Presently Didi Kuaidi dominates the Chinese market, but both the companies are battling for customers, by offering both riders and drivers subsidies and discounts that are costing the companies huge sums.

Uber CEO Travis Kalanick said in a statement that it riders were making almost one million trips per day and its business nearly doubled in the previous month.

Didi Kuaidi's CEO Cheng was confident enough about his company integrated platform and technology. He said Didi Kuaidi is in far better position to benefit from this tremendous opportunity than any other player in the mobile transportation industry in the world.