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Uber finds super-rich new rival in China

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Thanks to a massive fund-raising campaign, China’s largest taxi company, Didi Kuaidi, has managed to generate $1 billion to expand its services and offer more competitive fares, keeping rivals such as Uber well at bay, a source close to the matter told Bloomberg.

Didi Kuaidi was formed a year ago after the merger of two leading Chinese taxi companies. It now claims to own 80% of the market and have a value of $20 billion.

What’s more, Didi Kuaidi has entered partnerships with Lyft in the U.S. and Ola in India to better take on Uber.