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Foxconn’s Forteq Holdings invests $120M in Didi: report


Forteq Holdings Inc, a subsidiary of Taiwanese electronics manufacturer Foxconn, has reportedly invested $120 million in Didi Chuxing, the Chinese taxi operating company, acquiring a 0.36% stake. Didi already has investments from Alibaba, DST Global, Tencent Holdings and Temasek Holdings among others.

Last month, Uber sold its China business into Didi Chuxing for a reported $1 billion for 1/5th of the stake in Didi. In May, Apple pumped in $1 billion in Didi to understand the Chinese market, make future collaborations and to get a strong return on its investment. Apple’s stake in the company was unknown.

Note that in April, American Lyft users could get a cab in China through Didi and GrabTaxi in Southeast Asia. This was a result of an alliance between America’s Lyft, Ola from India, Didi from China, and GrabTaxi from Singapore in December last year.

Didi’s investments: In September 2015, Didi invested in Ola’s $225 million round of funding. Didi has also invested $100 million into Lyft, and it participated in a $350 million round of funding for GrabTaxi.

Meru Cabs-Taxis G7 alliance: In October 2015, the Indian Meru Cabs partnered with France’s Taxis G7 to launch eCabs, a global alliance of radio taxi operators which would provide cab services to foreign travelers in India and to Indian travelers going abroad through a mobile app.

Uber’s $5 billion funding 

In June this year, Uber raised $3.5 billion from the Saudi Arabian Public Investment Fund as a part of its global fund and would be utilised in strategic markets like India. Mint reported that the $3.5 billion raised was part of a $5 billion round.

Didi statistics
– In January this year, Didi Chuxing claimed that it had completed 1.4 billion rides in 1 year.
– It claims to do 11 million rides every day and has an 87% market share in private car-hailing in China (source unknown).
– It claims to have 300 million users in 400 cities in China.

Uber statistics
– In July, Uber completed 2 billion rides globally in 6 years since its inception.
– Globally, Uber said that 100,000 users used UberPOOL weekly in 11 cities including New York, Los Angeles, Beijing, Chengdu and Shanghai.
– In China, 30 million users use UberPOOL monthly (7.5 million weekly).

Our online cab aggregators coverage.

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