Didi Chuxing buys minority holding in Estonian ride-hailing app Taxify

Paterniano Del Favero
Agosto 1, 2017

Taxify, a leading ride sharing company in Europe and Africa, today announced a strategic partnership with Didi Chuxing, the world's leading mobile transportation platform.

The Chinese giant with a multi billion-dollar war chest is backing Estonia's Taxify OU with a financial investment and support on technology developments, the companies said Tuesday.

The Estonian ride-hailing service now operates in over 20 cities in 19 countries primarily in Europe and Africa.

Didi Chuxing, will invest in and collaborate with Taxify to diversify its offerings. Didi, which claims 400 million users across a variety of services in China, said it will help Taxify to grow its presence in its regions - where it claims to be second to Uber - and to develop smarter products. In his opinion, he added, the partnership between the two companies will help advance cooperation between Asian, European and African transport networks.

Taxify is an Estonian worldwide transportation network company headquartered in Tallinn, Estonia and operating in 25 cities and 18 countries in Europe, West Asia, Africa and Mexico with over 2.5 million users.

Since its founding 3-1/2 years ago, Taxify mostly has funded itself from operations, having only ever raised 2 million euros in outside financing from local venture capitalists and angel funders, Chief Executive Markus Villig told Reuters recently.

Taxify is a transport technology company founded in Estonia in 2013 which has developed a global mobile transport platform.

Didi closed a $5.5 billion funding round in April, hiking its valuation up to $50 billion and making it one of the world's most valuable private companies.

This driver-centric business model has also served to position Taxify as an ethical alternative for consumers who enjoy the convenience of Uber, but are put off the app by swirling accusations of Uber's toxic business culture and unfair treatment of drivers.

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