Chinese taxi app Didi Dache raises $700 million

The taxi startup battle in China is heating up.

Didi Dache, a Chinese ride-hailing startup whose name translates to something like "honk honk taxi," announced Tuesday that it has raised more than $700 million in funding to further cement its position in the country's market

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"Didi will continue its commitment in providing mobile-based transportation services to more users, strengthening our market leadership, increasing efforts in research and development and enriching our product offerings," Cheng Wei, Didi's CEO, said in a statement Read more...

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