Alibaba-Tencent-backed taxi app raises $1.5bn in five days

The Alibaba and Tencent-backed car-booking app business Didi Kuaidi have managed to drum up US$1.5 billion in only five days through an oversubscribed round of fundraising, Bloomberg reported, citing a letter from the two apps’ operator, Xiaoju Kuazhi Inc. The firm said it might increase the amount to be raised for the two apps, which together form China’s largest ride-sharing platform after having merged this year to limit rising costs of competing with each other and Uber. The Chinese company works directly with existing taxi drivers, sidestepping some of the protests Uber has faced in China.