Didi completes over $5.5b financing round
Chinese ride-hailing app Didi Chuxing announced that it had completed a new financing round of more than $5.5 billion to support its global strategy and continued investments in artificial intelligence (AI).
The round was said to have raised the four-year-old startup’s valuation to about $50 billion, up from a previous $34 billion after its acquisition of Uber’s China business, according to Bloomberg. Uber’s current valuation is $69 billion.
Didi did not disclose who took part in the latest funding, but Bloomberg reported that People familiar with the matter said earlier that the investors would include SoftBank Group Corp.
Registered users and drivers on the Didi platform exceed 400 million and 17.5 million respectively, covering 400 cities in China. Didi plans to extend services to 3,000 cities and counties in China this year.