Chinese ride-hailing app Didi Chuxing, formerly known as Didi Kuaidi, reportedly is planning an initial public offering (IPO) in New York as soon as next year.
The timing of the IPO will depend on how the competitive landscape evolves over the next year, Bloomberg reported.
The announcement comes just days after Apple said it is investing $1 billion in Didi, the single largest investment the company has ever received. Apple joins companies like Tencent and Alibaba to “help further Didi’s mission of building a data-driven rideshare platform to serve hundreds of millions of Chinese drivers and passengers,” Didi said in a statement.
Didi claims to control 87 per cent of the Chinese private car-hailing market and more than 99 per cent of the taxi-hailing business, but it is facing fierce competition from US-based Uber, which received nearly $2 billion in funding from a group of Chinese investors in January and has been aggressively expanding in China, and the Asia region.
Back in December, four ride-hailing services — Didi Chuxing, US-based Lyft, India’s Ola and Southeast Asia’s GrabTaxi – agreed to partner to scale up their services to compete against Uber.