Estonian transportation company Taxify hit the news with the announcement of new investment from Didi Chuxing, a car sharing company headquartered in Beijing, China. Taxify was not able to disclose information on the size of the investment or the size of Didi’s equity stake in the company but admitted that this investment was a bi-lateral strategic partnership and will involve collaboration in both investment and technology development. Taxify will use the funds to strengthen its positions in Europe and Africa, where it is the second most popular app after Uber and the only challenger.
Last year DiDi acquired Uber China and in the beginning of 2017 invested $100 million in Uber’s rival Lyft. In April 2017, DiDi closed over US$5.5 billion financing round and became one of the most valuable technology companies in the world, next to Alibaba and Baidu. Powered by AI technologies, DiDi offers an extensive range of mobility services, including Taxi, Premier, Express, Luxe, Hitch, etc., to over 400 million users in more than 400 cities in China. In addition to creating over 17 million flexible work and income opportunities for its driver-partners, DiDi leverages its AI capabilities to help cities develop integrated and sustainable smart transportation solutions. To utilise that technology Taxify plans to hire talent. Over 70 developers will join company’s HQ office in Tallinn.
“We share a strong commitment to harnessing the power of mobile technology to satisfying rapidly evolving consumer demands and revitalizing traditional transportation industry. I believe this partnership will contribute to cross-regional smart transportation linkages between Asian, European and African markets” said Will Cheng Wei, Founder and CEO of Didi Chuxing.
Founded in 2013 Taxify became one of the fastest growing transport apps in Europe with over 1M customers in 19 countries. The company has attracted close to 2 million euros of venture capital investments and a team with people from Skype, Google & Uber.