05.08.2015 - An investment from China’s sovereign wealth fund to Didi Kuaidi bodes well for ridesharing in China
Ridesharing’s legal future in China remains just as uncertain now as it was two years ago. For every government endorsement of Uber-like services, there’s another statement from officials that hints at a crackdown. But reports of a new investor serves as the best indicator yet that the industry has at least partial support from the government. Reuters and the WSJ have both reported that China Investment Corporation (CIC), the nation’s sovereign wealth fund, contributed to the recently closed $2 billion round for Didi Kuaidi. The latter is China’s answer to Uber though unlike Uber it uses licensed taxi drivers in addition to regular drivers. The round officially closed last month and raised the startup’s valuation to $3.5 billion...............................................Full Article: Source
Print