SHANGHAI: Chinese ride-hailing service Didi Kuaidi is set to raise about $3 billion through its latest fundraising round, said two people familiar with the matter, just as funding at the Chinese unit of rival Uber reaches $1.2 billion.

The inflow of cash raises the stakes between two of the world’s most valuable start-ups.

Didi Kuaidi, which has the largest market share of car-hailing apps in China, in July said it raised $2 billion, and the amount may rise another ‘few hundred million’ due to what it said was tremendous interest from global investors.