There’s major investment news for taxi-hailing apps in China, but for once it doesn’t concern Uber or the U.S. company’s well-backed Chinese rival Didi Kuaidi. Yidao Yongche, a three-year-old private car service, has received an investment that values its business at the magic $1 billion mark.

Yidao Yongche, A Lesser Rival To Uber In China, Raises $700M At A $1B Valuation