Didi Kuaidi makes overseas move

Didi Kuaidi, China's largest mobile-based car-booking company, has made its first move overseas by investing in a taxi-hailing service provider that operates across Southeast Asia.

The Beijing-based company has invested in GrabTaxi Holdings Pte Ltd, a tech firm headquartered in Singapore that provides booking services in 26 cities in six countries.

Didi Kuaidi did not reveal details of its investment, but GrabTaxi confirmed in a statement it had secured total new funding worth more than $350 million from investors, including Didi Kuaidi, hedge fund Coatue Management LLC, and sovereign wealth fund China Investment Corporation.