Uber wanted 40% of China's biggest taxi app so it issued an ultimatum

Uber tried to buy its way into the Chinese market, according to a CEO of the country’s largest taxi app. At the Yabuli Summer Entrepreneurs Summit held over the weekend (link in Chinese), Didi Kuaidi chief Cheng Wei said Uber founder Travis Kalanick himself gave the startup an ultimatum: sell us 40% of your shares or be defeated.

Didi Kuaidi is China's largest taxi-hailing app, from the merger of two Chinese competitors Didi Dache and Kuaidi Dache. Since the February merger, the company is the second most well funded taxi-hailing app in the world after Uber. The deal was estimated to be worth US$6 billion, ending a massive battle between the two rivals. Read more...