New funding makes China's Didi 'most valuable Asian start-up'

by Fredrick Graves April 30, 2017, 1:34

Must Read

 New funding makes China's Didi 'most valuable Asian start-up'

The people said that part of the latest capital investment in Didi would be used for global expansion.

People familiar with the matter said the new round is likely to give the auto hailing site a valuation of over US$50 billion, making it the world's most valuable start-up, after Uber.

The investors include SoftBank, Silver Lake Partners, Bank of Communications and China Merchants Bank. Didi amassed US$10 billion in cash and equivalents previous year, but the deal yields more ammunition as it prepares to challenge Uber and Alphabet Inc.in automated driving, and buys the company time to carve out new revenue streams.

This makes it on of the largest private technology companies behind Uber which is worth around $66 billion and Alibaba's payment affiliate Ant Financial, which is worth $60 billion.

United States decries attack in Afghanistan
He acknowledged that 2017 was going to be another tough year for Afghan security forces and the global troops stationed there. He arrived at a low point for Afghan Security Forces in the three years since President Obama ended the USA combat mission.

Didi Chuxing, China's top ride-hailing firm, is set to raise up to $6 billion with a fresh injection of capital from investors including Softbank Group Corp, valuing the company at over $50 billion, sources said. Didi has sealed several overseas partnerships, focusing on intelligent driving, such as making use of artificial intelligence, as well as similar ride-hailing services.

Last year, Didi had succeeded in buying US-based Ubers operations in China, helping the company gain further market share.

Earlier this year, Didi launched a laboratory in Mountain View in California, close to an Apple research facility, in an effort to attract the best talent in AI.

Cheng and President Jean Liu hope that adopting driverless technology will help overcome such hurdles in the future. The company, in a statement told TechCrunch that the investment would be used for continuing the company's global expansion and exploration of new technology such as artificial intelligence in its transportation setup. Didi wants to take advantage of data on 300 million users across some 400 cities.

Recommended News


TOP News

The Goodyear Tire & Rubber Company Earnings Ahead: Quick Glance
As of December 31, 2016, the Company operated nine manufacturing facilities and 20 distribution centers in 10 countries. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website .

Ronaldo Goes Ballistic Following Messi's Last Gasp Winner In El Clasico
Brazilian Casemiro opened Madrid's account in the 28th minute, but saw his effort neutralized, by Messi, five minutes later. And captain Iniesta admits he's still surprised by his team-mate. "After years and years, he continues to be decisive.

Pakistan PM fires advisor over newspaper leak, army rejects actions
PTI chairman rejected the notification by stating that this was a move to save people close to Prime Minister Nawaz Sharif. Sharif had fired Syed Tariq Fatemi after an inquiry into a newspaper leak.

Google now lets hardware developers tinker with its Assistant
If you need a little inspiration for what to create with the Google Assistant SDK , just check out Deeplocal's mocktails mixer . Once the user is ready to cook, they will have to use the command "Ok Google, start cooking" or "Ok Google, start recipe".

United States missile system claims another victim: Hyundai Motor
In fact, a year ago we brought you some exclusive news about Kia's India plans and how it planned to go about its entry. With Kia Motors' entry into India, the Hyundai Group as a whole will naturally eye a larger share of this market.

Predators' Fiala out of playoffs after breaking leg
Blues F Ivan Barbashev was in the lineup after sitting out Game 1, replacing F Magnus Paajarvi, who was a healthy scratch. On the power play in the first, Subban reared back and fired his signature heavy slapshot from the edge of the circle.

Paypal Holdings Inc(NASDAQ: PYPL) delivered strong first quarter results
A month ago, they told us to expect earnings of US$0.42 per share while three months ago their EPS consensus estimate was US$0.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink .

Ancient humans may have reached Americas 100000 years earlier than thought
In this February 1993 photo provided by the San Diego Natural History Museum, San Diego Natural History Museum paleontologists C. That species, Homo heidelbergensis , left Africa around 500,000 years ago, but never moved much beyond the Middle East and Asia.

Mark Selby fights back to lead Ding Junhui in Semi-final
A spirited O'Sullivan comeback before the mid-session break kept alive hopes of him claiming a sixth World Championship title. Ding said, "I didn't know that the score was enough until people were clapping and I realised it was over".

Is This the New iPhone 8?
Apple has been testing using faster processors based on a smaller 10-nanometer production process for all three new models. According to sources within Apple , there are still iPhone 8 prototypes that retain the physical Home Button.