January 15, 2015 / 12:27 AM / in 4 years

Chinese taxi app gains $600 million investment from Softbank, Alibaba - source

TOKYO (Reuters) - Chinese taxi-hailing application operator Travice Inc has received a combined investment of some 70 billion yen ($600 million) from Japan’s SoftBank Corp, Alibaba and others, a source with direct knowledge of the matter said.

A man holding an umbrella walks past the logo of Softbank Corp at its branch in Tokyo April 22, 2014. REUTERS/Yuya Shino

SoftBank, Japan’s No.3 mobile carrier, plans to announce the investment later in the day, the source told Reuters.

The new funding was first reported by the Wall Street Journal.

SoftBank spokeswoman Mariko Osada declined to comment.

In other investments in taxi hailing apps, SoftBank said last year it will lead an investment round of about 25 billion yen in India’s ANI Technologies Pvt Ltd.

The company also invested about 30 billion yen in GrabTaxi, a Southeast Asian mobile taxi booking app last year.

(This story corrects media outlet that first reported funding in paragraph 3)

Reporting by Shida Yoshiyasu; Writing by Teppei Kasai; Editing by Edwina Gibbs and Stephen Coates

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