After Rival Uber, China Taxi App Didi Kuaidi Showcases Gains To Investors

[Ron Burgundy]

By Paul Carsten BEIJING (Reuters) - China's dominant taxi-hailing app Didi Kuaidi told shareholders on Friday it had three times the number of daily private car trips than Uber Technologies Inc just weeks after its U.S. rival boasted of similar successes in a letter to investors. Didi Kuaidi, which controls 80 percent of China's taxi-hailing market and whose parent company is Xiaoju Kuaizhi, last week started to raise at least $1.5 billion from investors, the letter said. The fundraising amount could rise to $2 billion due to strong demand, in a deal that values the company at $15 billion, people familiar with the matter told Reuters.

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