Didi Dache gets taxi cab cash
Start-up watch: How much more cash are venture capitalists going to throw at car apps? Well, there’s $700 million heading in the direction of Didi Dache, the Chinese mobile cab app, which is backed by China-based social network giant Tencent. Didi, which had previously raised a mere $117 million, racks up about 5.2 million taxi bookings a day, while the company’s new Didi Black private car offering is reportedly growing apace.
Didi Dache says it will use the latest cash pile to develop existing offerings and launch new products. It’s not clear if it has earmarked any of it for the price war it has been conducting with rival Kuaidi Dache.