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SoftBank leads $600M round in Chinese Uber rival Travice

Jan. 15, 2015 1:41 PM ETSoftBank Group Corp. (SFTBF) StockSFTBF, SFTBY, BABABy: Eric Jhonsa, SA News Editor
  • A month after investing $250M in Southeast Asian ride-sharing platform GrabTaxi, SoftBank (OTCPK:SFTBF) has led a $600M funding round for Travice, owner of major Chinese ride-sharing provider Kuaidi Dache. Alibaba (NYSE:BABA) and Tiger Global also took part in the round.
  • The investment comes after Baidu took a stake in Uber, which is fresh off raising funding at a $41B+ post-money valuation. For now, Uber has a much smaller Chinese presence than Kuaidi, which operates in 300+ cities. Top Kuaidi rival Didi Dache raised $700M in December from Tencent and others.

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