China’s two biggest taxi apps have announced that they will merge on Saturday, creating a new company with an estimated worth of 6 billion USD.
Chief executive of Didi Dache Weicheng and Kuaidi Dache chief executive Chuan Weilu will become co-chief executives and the companies will operate independently under separate brands.
The new name of the company will be announced after the New Year holiday which starts on February 19.
Both apps were launched in 2012 and have been in fierce competition ever since. Kuaidi currently holds 56.5 percent of the market share, while Didi holds around 43.3 percent.
Source: Reuters
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Keywords: Didi Dache and Kuaidi Dache to Merge
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it is less the a year old companies, how did they managed to be worth that amount ? is the dolar so worthless or what is going on here ?
Feb 23, 2015 23:46 Report Abuse
Yep copy Uber then push it out of the market. Chinese can't think of anything for themselves.
Feb 23, 2015 20:38 Report Abuse
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