Editor’s note: This post originally appeared on TechNode, an editorial partner of TechCrunch based in China. Didi Chuxing’s deal to acquire Uber China..
Editor’s note: This post originally appeared on TechNode , an editorial partner of TechCrunch based in China.
Didi Chuxing’s deal to acquire Uber China seemingly left the Chinese ride-hailing giant as the last man standing and therefore sole winner of China’s vast ride-sharing market. However, Didi’s success has also served to open new opportunities for other competitors. It would seem that there’s no way for a single company to gobble up the entire market as a whole, even if it’s Didi.
UCAR , a prominent rival of Didi in China, announced this week that it raised an initial RMB 4.6 billion ($670 million) in new funds from four investors including China’s interbank network, UnionPay. The company counts high-profile names like Warburg Pincus and Jack Ma among its roster of backers.
There’s more to come, however. Board chairman Lu Zhengyao told local media [Chinese] that the total financing will surpass RMB 7 billion ($1.02 billion) via additional commitments. He said the money raised will be used for marketing, recruitment, expanding its offline presence and increasing its fleet.
UCAR is no stranger to large investment deals.
