Its chief Chinese rival is Didi Kuaidi, valued at $12 billion after closing a $3 billion round of fundraising last week. Backers include Tencent and Alibaba, and estimates of their market share in China vary between 60 and 80 percent, making them the clear leader in the Chinese private car space. Because of Didi Kuaidi's backing—which also includes China Investment Corporation (CIC), the nation's sovereign wealth fund—the company "is better protected in the local market," said Greg Tarr, partner at CrossPacific Capital.