Business

Chinese Uber ‘Didi Chuxing’ Receives $5 billion To Expands Its Business Overseas

China’s ride-sharing giant Didi Chuxing will soon have a massive investment of more than $5 billion, Bloomberg quoted a source yesterday.

The Financial Times (FT) and CNBC also said that Didi Chuxing is in the process of attracting $5 billion to $6 billion in investment.

Didi Chuxing was said it would raise the corporate value to $50 billion through attracting new investments.

According to CB Insights, this figure is the next highest in Asia among startups and the second after Uber in the world. It is higher than China’s smartphone maker Xiaomi’s enterprise valued at $46 billion in 2011

Didi’s corporate value, which investors rate, is soaring rapidly. The company’s value, which began in June last year at $ 25 billion, rose to $ 34 billion in August after the acquisition of Uber’s China operations, and now it’s time to become a $ 50 billion company.

Uber has a corporate value of $68 billion in 2013. However, Uber has reported more information that corporate value has fallen to $ 50 billion since it was caught up in a recent rumor.

Didi’s new investors include Japan Softbank, Silver Lake, China Merchants Bank and Bank of Communications. According to Bloomberg sources, these companies have left their voting rights to Didi executives.

It is said that Didi plans to use investment funds for overseas expansion, autonomous vehicles, and artificial intelligence.

Didi had previously received investments more than $10 billion from Apple, Foxconn and Alibaba.

The Didi business is currently in China alone but has invested in Lyft, Grab in Southeast Asia, and Ola Cabs in India. In January, Didi signed a strategic alliance with the Brazil ride-hail service ’99’.

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