Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

Didi gets over $4 bln in fresh funding

December 25, 2017


Abstract : Chinese ride-hailing giant Didi Chuxing announced on Thursday that it has raised more than $4 billion in fresh funding, boosting its ammunition to expand overseas and dealing a blow to its biggest rival, Uber Technologies Inc.

timg (1)

BEIJING, Dec. 25 (Xinhua) --  Chinese ride-hailing giant Didi Chuxing announced on Thursday that it has raised more than $4 billion in fresh funding, boosting its ammunition to expand overseas and dealing a blow to its biggest rival, Uber Technologies Inc.

The total funding of Didi, including its last round of funding in April with more than $5.5 billion, will exceed $9.5 billion this year alone, and around $20 billion in total, according to a preliminary estimate.

The company will also surpass its original value of more than $50 billion, strengthening its position as one of world's most valuable startups.

Didi said the latest fundraising will be used to support artificial intelligence capacity-building, international expansion and new business initiatives, including the development of new energy vehicle service networks.

"In the current internet industry, AI is the next frontier of innovation while mobility is one of the business fields that AI can empower quickly. As a competitive mobility company and given that the startup is already mapping out in this promising field, it is no wonder that Didi can raise big amounts of money in such a short time," said Zhang Xu, an independent internet industry analyst.

Investors in the new funding include Japanese tech giant SoftBank Corp and Mubadala Capital, an Abu Dhabi state fund, according to the Wall Street Journal.

The big new funding announcement by the Beijing-based company comes just two days after the ride-hailing conglomerate said it will expand its business beyond the Chinese mainland to Taiwan, with LEDI Technology Co being the local authorized franchisee operator.

"Didi's intensified overseas efforts, including this fresh fundraising, will no doubt pose a great threat to Uber. Uber's valuation is shrinking due to its operation problems while we witness Didi is ascending in overseas markets through cooperating with local partners," Zhang added. In the past few years, Didi Chuxing has been pushing its overseas presence rapidly with investments in several of Uber's rivals globally, including US-based Lyft, Brazil-based 99, India's Ola, Singapore-headquartered Grab, Estonia's Taxify and Careem in the Middle East. It also ended the battle with Uber in the Chinese market last year by acquiring Uber's local business. (Source: China Daily)

Scan the QR code and push it to your mobile phone

Keyword: Didi-Chuxing

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial