Friday, September 11, 2015

Lyft Gets Backing From China's Didi Kuaidi

San Francisco-based ridesharing app developer Lyft has quietly scored the backing of Chinese ride hailing service Didi Kuaidi, according to a report. The WSJ says that Didi Kuaidi--which is Uber's primary competition in China--contributed to a May funding of Lyft, which also included Alibaba and Tencent Holdings. Uber and Lyft are locked in a head-to-head battle across the U.S. in the on-demand, ride market. The move comes even as Uber has raised a new investment from China's Baidu worth $1.2 billion.