Chinese taxi-hailing service Didi Dache and Kuaidi Dache is enlisting new investors including the private equity arm of Los Angeles-based money manager Capital Group Co, Wall Street Journal (WSJ) reported.
Capital International Private Equity Funds, along with Chinese insurer Ping An Insurance (Group) Company, reportedly participated in Didi and Kuaidi's fundraising, which could help the company reach an estimated value of about $15 billion.
Didi and Kuaidi, backed by China's Internet giants Tencent Holdings and Alibaba Group Holding respectively, merged in a $6 billion deal on February 14.
Didi and Kuaidi's major competitor Uber is also raising money from big Chinese fund manager Hillhouse Capital Group in a convertible bond deal based on a discount to its future IPO price, WSJ reported. However, Beijing-based Hillhouse Capital also invested in Didi and Kuaidi.
