Cab-hailing app Kuaidi to receive over $500mn in funding, sources say

The latest round of fundraising for Alibaba (BABA.NYSE) backed ride-hailing platform firm Kuaidi Group will bring in more than US$500 million, The Wall Street Journal reported, citing unnamed sources. The firm’s new round of fundraising comes from investors including major Alibaba shareholder SoftBank (9984.TYO), Alibaba itself and investment firm Tiger Global Management. China’s major Internet companies and venture-capital investors are pumping billions of dollars into mobile-phone applications that they hope will feed into their mobile ecosystems and attract more users to their payment services, e-commerce platforms or online games.