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Report: China's Dida Chuxing seeks to raise US$300M, mulls IPO

IDG Capital Partners-backed ride-hailing service Dida Chuxing is looking to raise up to US$300 million and is considering the possibility of an IPO, Bloomberg News reported Jan. 16, citing sources familiar with the matter.

Dida is seeking to raise between US$250 million and US$300 million in a pre-IPO round, the report said. The company has considered listing on exchanges in mainland China or Hong Kong, but is reportedly leaning towards the latter.

The move is expected to escalate competition between the startup and its bigger rival Didi Chuxing Technology Co. Ltd. Dida, which has a network of 1.2 million taxi drivers and receives over 3.65 million daily orders, reportedly gained popularity after two women were killed while using Didi's services.

Dida secured US$100 million in funding from China Renaissance Capital Investment in May 2015 and Chinese investment firm Nio Capital led a new round for Dida in March 2017, according to Bloomberg.

Dida did not immediately respond to S&P Global Market Intelligence's requests for comment. Didi declined to comment.