China's largest ride-hailing application Didi Kuaidi said it has invested in Malaysia-based taxi-booking application GrabTaxi Holdings along with venture capital firms and China's sovereign wealth fund China Investment Corporation.
The total amount of this funding reached U.S.$350 million, and other investors including GGV Capital, Coatue Management, and existing shareholders, according to an email statement today.
CIC is also an investor of Didi Kuaidi.
Didi Kuaidi President Liu Qing said it would share data mining experience and data technology with GrabTaxi, whose main business is in Southeast Asia, and that the latter's experience in Southeast Asia would also help Didi Kuaidi's overseas expansion.
GrabTaxi's vice president of marketing Cheryl Goh said it currently has no plan to be acquired by Didi Kuaidi, as she was quoted by tech news website Techcrunch.com.
Malaysia-based GrabTaxi currently operates in 26 cities in six countries and has successfully diversified its offering to include private cars and motorbikes.
