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SoftBank Is Investing In China's Biggest Taxi App

James CookJan 15, 2015, 17:16 IST

Japan's SoftBank has led a round of funding in the most popular taxi app in China, Kuaidi Dache.

The Financial Times reports that SoftBank led a $600 million investment in the Chinese company, which dominates the country's taxi app market.

Kuaidi Dache has over 50% of the market in China, ahead of its rival Didi Dache.

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Uber doesn't have a stronghold in China yet. It only started operations in the country's capital last year.

SoftBank makes a huge amount of investments in tech companies. In December it invested $250 million in GrabTaxi, Uber's biggest rival in countries like Vietnam and Thailand.

One of SoftBank's most well-known investments is in Chinese e-commerce giant Alibaba. SoftBank is the company's largest investor.