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Startups

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.

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