China's newest 'unicorn' gets $700 million to rival Uber and Didi Kuaidi

Ride-hailing in China is heating up, and money is intensifying the competition

Yidao Yongche, one of China's smaller ride-hailing apps just got a huge investment of $700 million to take on larger players like Uber and market leader Didi Kuaidi.

Its backer, LeTV, said on Tuesday it bought 70% of the firm and will become its controlling shareholder, according to China Daily.

The funding elevates Yidao to "unicorn" status — an upper crust of $1 billion-plus startups that have managed to reach a billion in value.

LeTV, also known as Leshi Internet Information & Technology, is a Beijing-headquartered firm that does Hulu-like streaming video and produces Android phones. Earlier this year, rumors emerged of its interest in investing in Uber to gain control of the Chinese ride market, but LeTV denied this. Read more...