China’s dominant mobile car hailing company Didi Kuaidi said it raised $2 billion in a fundraising round, as competition with U.S. rival Uber Technologies Inc heats up on its home turf.

Didi Kuaidi, which has the largest market share among car-hailing apps in China, said in a statement on Wednesday the amount may rise by a “few” hundred million due to “tremendous interest from global investors”.

Didi Kuaidi said the fundraising will lift its cash reserves to $3.5 billion.

New investors include Capital International Private Equity Fund and Ping An Ventures, part of Ping An Insurance Group Co of China Ltd.

Existing stakeholders, including Alibaba Group Holding Ltd, Tencent Holdings Ltd, Temasek Holdings (Private) Ltd and Coatue Management, also took part in the latest fundraising, the statement said.

(Reporting by Paul Carsten; Editing by Miral Fahmy)

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