Didi Kuaidi, the Chinese car-booking business competing with Uber Technologies Inc., is close to raising about $3 billion as it completes its latest round of financing, according to people familiar with the matter.

The latest tally values the company at $16.5 billion, one of the people said, declining to be identified because the plans are private. Didi Kuaidi declined to comment on the status of the financing Monday.

Didi Kuaidi President Jean Liu said in July the company was looking to raise more money after pooling $2 billion from investors. Uber was said last month to be close to completing a round of fundraising of about $1.4 billion for its business in China.

Both companies have been locked in a race for market share that has seen them dishing out incentives to attract drivers and riders. Demand for car-booking has risen as consumers frustrated with street hailing turn to smartphone apps to reserve their rides.

Didi Kuaidi’s investors include SoftBank Corp. and Ping An Insurance(Group) Co. The company has also attracted investors including Beijing Automotive Group Co. and China Investment Corp., people familiar with the matter have said. Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have also invested in this round of fundraising that kicked off in June.

This article was written by Tian Ying and Lulu Yilun Chen from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: Didi Kaudi has at least 80% of the on-demand taxi market in China. Didi Kaudi