Didi Chuxing seals number 1 Asian startup tag

Chuxing is seen at its headquarters in Beijing
Didi Chuxing is seen at its headquarters in Beijing China
Author

30 April, 2017

Beijing based-Didi, which claims almost 90 percent of China's ride-hailing market after buying rival Uber's assets in the country a year ago, said it would use the money to "support its global strategy and continued investments in AI-based technologies". The firm led a $100 million investment in Brazilian ride-hailing service 99 in January and opened a research lab in Silicon Valley last month dedicated to artificial intelligence and self-driving-tech related research.

The round may close as soon as this week and would lift Didi's valuation to about $US50 billion, up from a previous $US34 billion after its acquisition of Uber Technologies's China business, said one of the people, asking not to be identified because the matter is private.

Ant Financial, China's most valuable private internet finance firm and an affiliate of Alibaba Group Holding Ltd, is valued upwards of $60 billion. Didi has invested $30 million in India based Ola Cabs and has participated in a $350 million funding round of GrabTaxi, SEA's largest ride hailing service. The list of entities who took part in the latest round of funding has not been revealed, but sources said it could be SoftBank Group Corp., Silver Lake Kraftwerk, China Merchants Bank Co. and an arm of Bank of Communications Co. The valuation is massive since Didi has a presence now limited to China although it is present India in an alliance with the local ride-hailing app, Ola. Internationally the company has partnered with several firms for intelligent driving using AI and smart ride-hailing services.

With the launch of DiDi Labs in Mountain View in California earlier this year, the company continues to attract the industry's top minds and explore investment opportunities in core technology areas.

Tim Williams Selected #78 Overall By Ravens
Veteran outside linebacker Terrell Suggs is the only player now on Baltimore's roster to record at least four sacks in 2015. It was to announce a draft pick , as if he were National Football League commissioner Roger Goodell.


Brexit: Donald Tusk says EU-27 must remain united
And he said Britain should harbor no illusion of getting out cheaply. "If you are no longer part of a club, it has consequences. It will be their first meeting since British Prime Minister Theresa May triggered the official withdrawal process a month ago.


Corn planting progresses throughout West Central Illinois
Winter wheat condition - 54 percent good to excellent, 37 percent fair and 9 percent poor or very poor with 33 percent jointed. Eight percent of the corn acreage has been planted, 9 days behind last year and 3 days behind the 5-year average.


Uber received 20 percent ownership of the company, and also $1 billion.

Part of the latest investment will be used for Didi's global expansion, the people said.

Didi Chuxing known as "China's Uber" is slowly edging towards global expansion.


More news


  • First trailer: 'Call of Duty: WWII' seeks to up authenticity, fidelity

    First trailer: 'Call of Duty: WWII' seeks to up authenticity, fidelity

    After a string of futuristic titles, Activision hopes to bring a more grounded and gritty experience to Call of Duty fans. Well, we're all hyped for the return of Call of Duty , and today we get a first look at what to expect come November.

    Yankees down BoSox 3-1

    Wednesday's loss dropped Boston two games behind NY in the loss column and three behind the division leading Baltimore Orioles. Quintana earned his first win of the season after allowing only one earned run and scattering five hits over six innings.

    Trump suggests he'll take 'sanctuary cities' case to Supreme Court

    Judge Orrick said that the language of the executive order made clear it sought to withhold funds beyond law enforcement. If he wants to take his case to the Supreme Court, he will have to through the 9th U.S.
  • Damascus explosion: large blast, fire at airport reflect Israel policy

    Damascus explosion: large blast, fire at airport reflect Israel policy

    Israel has in the past targeted Hezbollah positions inside Syria where Iranian backed groups are heavily involved in the fighting. Israel's Prime Minister Benjamin Netanyahu last April confirmed that his country had struck Syria "dozens of times".

    Home Boxing How to watch Joshua v Klitschko

    And when I say bright I mean genius level which is why it's even more odd that they would go into boxing as a profession. He's got a whole country behind him, and it's for him to really enhance his ability, and try and get better and better.
    Ansari invites Polish businesses to invest in India

    Ansari invites Polish businesses to invest in India

    Armenia stated that how it had provided voluntary support for India at global forums that also include the United Nations (UN). The objective of the agreement is the development and coordination of bilateral cooperation in the agricultural sector.
  • Why Ford Earnings Tumbled 35%

    Why Ford Earnings Tumbled 35%

    Of Ford's profitable regions (it lost money in South America and Africa), North America had the biggest decline in profitability. In Asia, Ford said it earned a pretax profit of $US124 million compared with $US220 million for the same period previous year .
    Check Your Bank Statements If You Recently Bought From Chipotle

    Check Your Bank Statements If You Recently Bought From Chipotle

    We recently detected unauthorized activity on the network that supports payment processing for purchases made in our restaurants. The statement said: "Consistent with good practices, consumers should closely monitor their payment card statements".

    'Leaked' iPhone 8 schematic reveals mysterious circle on back

    Apple's new system would use electromagnetic frequencies at the higher range, which are usually reserved for data transmission. The problem? Apple has never mentioned the integration of such a system in its iPhone 8, or even in another device.
  • Barry Hearn says his door is always open to Ronnie O'Sullivan

    Barry Hearn says his door is always open to Ronnie O'Sullivan

    I don't have a good record against Ronnie. "I have had the best year of my life and not been winning many tournaments", he said. I did not know that the score was enough until the crowd started clapping.
    National Day of Prayer observance set May 4

    National Day of Prayer observance set May 4

    However, praying publicly is not a requirement for attending, he said. "It's very simple, and we love to do it", Hanselman said. On April 17, 1952, President Harry Truman signed a bill proclaiming the National Day of Prayer into law in the United States.
    Call of Duty WWII Reveals First Look, Promising

    Call of Duty WWII Reveals First Look, Promising "Back to the Roots"

    And these aren't the only multiplayer features set to be offered when Call of Duty: WW2 launches later this year, either. There's still more information that's on the way, with the multiplayer reveal in particular coming this June during E3.