Date
21 October 2017
Chinese ride-hailing giant Didi Chuxing is reportedly now being valued at more than US$50 billion. Photo: Bloomberg
Chinese ride-hailing giant Didi Chuxing is reportedly now being valued at more than US$50 billion. Photo: Bloomberg

Didi said to seek new funding at over US$50 bln valuation

Ride-hailing services firm Didi Chuxing has embarked on a new fund-raising round that would value the firm at more than US$50 billion, making it China’s second-most valuable privately owned company, according to Reuters.

Didi is seeking up to US$6 billion in the latest funding round that has drawn investors such as Japan’s Softbank Group and private-equity firm Silver Lake Partners, the report said, citing sources familiar with the matter.

The funding is being sought at a much higher valuation compared to Didi’s US$34 billion price tag in August, when it agreed to acquire Uber’s China business.

The new valuation of more than US$50 billion would make Didi China’s second-most valuable privately owned firm.

Ant Financial, an affiliate of Alibaba Group, is currently China’s most valuable privately owned company with a valuation of more than US$60 billion.

Didi will use some of the money from the latest fund-raising exercise to expand overseas. 

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RC

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