Didi Chuxing (formerly Didi Kuaidi) is the dominant ride services company in China, connecting taxi and private car passengers to drivers across China via a smartphone application. Didi was established in February 2015 following the merger of Didi Dache and Kuaidi Dache, the former #1 and #2 players, respectively, in the ride services market in China.
In August 2016, Didi merged with Uber China in a landmark transaction that validated a key component of our original investment thesis. At the time of our investment, we believed that Didi would prevail over Uber in the battle for the Chinese market due to our insight into the Chinese regulatory landscape and Didi’s intrinsic advantage as a local Chinese company.
