Didi Kuaidi raised the target on its latest round of funding to more than $1.5 billion, , as China’s largest ride-hailing service stockpiles cash for its battle with .
Uber’s largest competitor will be valued at more than $20 billion in the round according to sources,The round will close soon and is multiple times over-subscribed, vice president of strategy Stephen Zhu said Thursday without naming a target or investors.
Didi needs capital to bankroll an aggressive program for recruiting drivers and keep fares competitive as it strives to hold off a hard-charging Uber. The US startup, the world’s most valuable, spent more than $1 billion in the country last year and has said China could eventually become its largest market.
Didi had been seeking to raise $1 billion, a person familiar with the matter said in February. The company’s existing investors include Alibaba Group Holding Ltd. and Tencent Holdings Ltd., China’s two biggest Internet companies.