SoftBank pours $5bn into Didi Chuxing

SoftBank

Group Corp said it has agreed to invest $5 billion in China’s Didi Chuxing, confirming it led a recent fund-raising round by the ride-hailing firm that sources said valued Didi at more than $50 billion. Didi said last month it raised more than $5.5 billion to expand its business overseas and develop artificial intelligence technology. Sources had said investors included SoftBank.

The Japanese conglomerate disclosed the Didi investment in a statement seen by Reuters yesterday and first reported by local media.

SoftBank is trying to transform itself into the “Berkshire Hathaway of the tech industry” with the launch soon of a $100 billion technology fund as telecoms services markets mature.

It has already announced plans to invest at least $25 billion over the next five years in the fund, which would be one of the world’s largest private equity investors.