The taxi-app funding frenzy shows no sign of slowing down - Chinese operator Didi Dache has picked up $700 million this week, with TenCent one of the named investors.
This comes less than a week after Uber nabbed another $1.2 billion.
Other contributors to Didi Dache's Series D funding came from Singapore-based fund Temasek and software business DST Global.
The release confidently states that this is "the single largest investment round to date in China's mobile internet sector."
At the start of the year, Didi Dache picked up $100 million in Series C funding. In total it has received nearly $820 million-worth of backing. In the highly competitive and mega-funded world of taxi apps, only Uber has received more funding from investors, according to reports.
While Uber is trying to establish a global footprint, Didi Dache is very much focused on China. It works closely with TenCent's WeChat messaging service, allowing WeChat users to book a cab directly through the app.
This channel alone drives at least 20 million bookings a month to Didi Dache.
The business operates in 300 cities in China, has more than 100 million registered users, 1 million registered taxi drivers, and on peak days can handle more than five million bookings.
Its major rival in China is not Uber - which has been active in China since August 2013 - but Kuaidi Dache. NYSE-listed Chinese internet giant Alibaba is a major investor in Kuaidi Dache in the same way as TenCent is an important investor and partner for Didi Dache.
However, Kuaidi does have global aspirations, which sits nicely with Alibaba's intentions. Alibaba has also revamped its travel businesses, launching a dedicated brand, alitrip.com. Announced only six weeks ago, the full implications of this - for the Chinese if not global online travel space, including but not limited to taxi apps - are yet to be realised.
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