Didi raises $5B to fund international growth - Mobile World Live

Didi raises $5B to fund international growth

27 APR 2017

Chinese car-sharing company Didi Chuxing raised an additional $5 billion to fund its international expansion, with the company already targeting Latin America, where it signed a deal with a Brazilian ride-hailing company in January.

Investors in the latest funding round, which values Didi at $50 million, include SoftBank Group, Silver Lake Kraftwerk, China Merchants Bank and Bank of Communications, Reuters reported.

Didi was valued at $34 billion in August after acquiring Uber’s China business, which had struggled to take share from the market leader. The deal gave Uber a 20 per cent stake in Didi and pulled together Didi’s car-hailing business, valued at $28 billion, and Uber China, worth an estimated $7 billion.

In May SoftBank reportedly was in talks with Didi about a potential $6 billion investment the ride-sharing firm. In March, Didi announced it opened a research centre in Silicon Valley to develop assisted and autonomous driving systems.

Didi claims to hold a 90 per cent share of China’s ride-hailing market.


Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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