The cash-raising race continues in China between car services Uber and Didi Kuaidi, as the latter seeks to raise up to $1 billion in new funding. Didi Kuaidi is the joint company formed in the merger of Didi Dache and Kauidi Dache, taxi-hailing rivals in China. The company had previously raised a multi-billion dollar round of debt and equity. Existing investors include DST Global, GGV Capital, SoftBank and Tencent.
Uber, meanwhile, recently announced it was losing around $1 billion per year in China as it struggles to gain significant market share; Uber is reportedly profitable in the U.S.