Chinese taxi app reportedly raises over $100 million in funding

Didi Dache is one of the many taxi apps in China that compete for control over the massive market. What sets Didi apart from the other apps, however, is that it has millions of dollars in backing from companies such as Citic and Tencent. Despite several local governments stepping in to ban taxi apps, the market is rapidly growing. 

Didi Dache (or Didi for short) reportedly is raising a Series C round of funding that will be up to $100 million. Investors include Citic and Tencent. Tencent has already contributed $15 million to the company in its last round of funding. The app is expected be integrated into Tencent’s mobile VoIP and text application, WeChat. WeChat users, as reported, won’t need to download the Didi app for booking taxis and will be able to make payments with WeChat Payment. Didi has been integrated into the latest version of Tencent Maps.