Didi Kuaidi, the Chinese car-booking business that competes directly with Uber in China, is said to have raised $3 billion in a new round of funding.
If the report holds true Didi Kuaidi would now be worth $16.5 billion. The company has not yet released a statement about the current financing round.
Didi Kuaidi President Jean Liu said in July that the company was hoping to raise more money following a successful $2 billion from investors.
Last month it was reported that Uber was seeking to raise $1.4 billion in fundraising for its business in China.
Uber recently told its investors that it planned on spending $1 billion yuan ($161 million) on free rides in China. The company hopes customers will use the free service, enjoy their experience, and become loyal Uber customers.
Didi Kuaidi’s investors include SoftBank Corp. and Ping An Insurance (Group) Co.