Japan’s SoftBank has led a round of funding in the most popular taxi app in China, Kuaidi Dache.
The Financial Times reports that SoftBank led a $US600 million investment in the Chinese company, which dominates the country’s taxi app market.
Kuaidi Dache has over 50% of the market in China, ahead of its rival Didi Dache.
Uber doesn’t have a stronghold in China yet. It only started operations in the country’s capital last year.
SoftBank makes a huge amount of investments in tech companies. In December it invested $US250 million in GrabTaxi, Uber’s biggest rival in countries like Vietnam and Thailand.
One of SoftBank’s most well-known investments is in Chinese e-commerce giant Alibaba. SoftBank is the company’s largest investor.
Business Insider Emails & Alerts
Site highlights each day to your inbox.