BEIJING: China Merchants Bank Co Ltd agreed to invest $200 million into ride-hailing start-up Didi Kuaidi as part of a $3 billion fundraising round, according to a person with knowledge of the matter.

A company spokeswoman declined to comment on China Merchants Bank's (CMB) investment, but said Didi Kuaidi is now valued at $16.5 billion after the overall fundraising round.

CMB declined to comment.

On Tuesday, Didi Kuaidi announced a strategic partnership with CMB.

Copyright Reuters, 2016