Microblogging Site Weibo Invests $142M In China’s Top Taxi-Hailing Firm Didi Kuaidi


TechCrunch

Weibo, the NASDAQ-listed microblogging company from China, is an unlikely investor in China’s soon-to-merge taxi-hailing services Didi Dache and Kuaidi Dache.

Didi and Kuaidi, two rivals that together are estimated to account for over 95 percent of China’s taxi app market, announced their surprise coming-together in February. Though the deal is not done yet, an SEC filing from Weibofirst reported by Reuters — confirmed it will invest $142 million in the new entity, known as Didi Kuaidi.

Weibo is an unexpected backer, but it already has a strong link with Didi Kuaidi. That’s Alibaba, which is an investor in Kuaidi and also owns shares in Weibo courtesy of a $586 million investment in 2012.

It isn’t exactly clear how Weibo will work with the taxi-failing firm, but there are plenty of pointers to give an idea. Tencent invested in Didi before the merger, and, as part of that deal, it integrated the ride-hailing…

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