New funding makes China's Didi 'most valuable Asian start-up'
- Author: Regina Walsh Apr 30, 2017,
Apr 30, 2017, 1:34
The list of entities who took part in the latest round of funding has not been revealed, but sources said it could be SoftBank Group Corp., Silver Lake Kraftwerk, China Merchants Bank Co. and an arm of Bank of Communications Co.
Didi Chuxing is said to have received between $5 and $6 billion of fresh funds in the last round.
The proceeds will be used to support its global expansion strategy and continued investments in artificial intelligence, the announcement said.
Chinese ride-hailing service giant Didi Chuxing confirmed today that it has finalized a funding round of over US$ 5.5 billion, local media is reporting. The deal gave Uber China investors, including Uber and search engine operator Baidu, a 20 percent stake in the new firm.
This makes it on of the largest private technology companies behind Uber which is worth around $66 billion and Alibaba's payment affiliate Ant Financial, which is worth $60 billion.
Didi was last valued at $34 billion in August when it agreed to acquire Uber Technology Inc's China business following a drawn-out rivalry between the two firms.
Cooper Tire operating profits down in first quarter of 2017
First quarter net sales were $643 million, a decrease of 1 percent compared with $650 million in the first quarter of 2016. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink .
The new valuation of more than US$50 billion would make Didi China's second-most valuable privately owned firm.
Didi will use some of the money from the latest fund-raising exercise to expand overseas.
Didi lists among its investors Apple and Chinese internet titans Alibaba and Tencent. Didi has won operating licenses in close to a dozen cities including Tianjin and Chengdu, affirming its right to legally operate in China.
Though Didi is the market leader in China, the company is pretty much unknown to consumers elsewhere.
The company hopes that driverless technology could help it overcome these hurdles in the future. And it's already lured dozens of stalwarts in the field including former Uber auto-security expert Charlie Miller, known for remotely hacking into a Jeep Cherokee in 2015.