ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

China ride-hailer T3 raises $1.2bn as rivals pounce on Didi's woes

2-year-old startup joins race to snag market share from embattled company

T3 Chuxing's $1.2 billion funding round points to greater competition between government-backed and private players in the ride-hailing business, observers say. (Screetshot from T3 app)

TOKYO/HONG KONG -- Chinese ride-hailing company T3 Chuxing says it has raised more than $1 billion from a group of investors led by state-backed conglomerate Citic Group, as its bigger rival -- SoftBank Group-backed Didi Global -- continues to feel the sting of a regulatory crackdown.

Founded in 2019, Nanjing-based T3 announced the 7.7 billion yuan ($1.2 billion) investment late on Tuesday. The company says it operates in 41 cities and has more than 54 million registered users. It said daily orders for rides exceeded 2 million for the first time on Sept. 30, more than double its daily peak in the second quarter.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more