Alibaba Group Holding Ltd (BABA)-Backed Taxi App To Raise $1.5 Billion In Funds: Bloomberg

Didi Kuaidi Joint Co. is raising approximately $1.5 billion in funds to counter US based-ride sharing app, Uber. The Alibaba Group Holding Ltd (NYSE:BABA) and Tencent-backed taxi app is likely to cement its dominant position in China's expanding transport space; it already dominates China's car-hailing industry, Bloomberg reported today.