Didi Chuxing, the on-demand giant that drove Uber out of China, is about to develop into the world’s 2nd-best valued tech startup.
Beijing-based totally Didi is within the means of elevating a round that could attain as excessive as $ 6 billion at a valuation that may exceed $ 50 billion, a supply with information of discussions told TechCrunch. That’s now not a ways from Uber itself, which is said to be valued at over $ 60 billion. Bloomberg originally reported the carry, rumors of which first commenced circulating last month.
Didi declined to comment.
the new deal would signify a major hike on the corporate’s most recent $ 28 billion valuation when it closed a giant $ 7.3 billion funding that incorporated cash from Apple and China existence.
The $ 50 billion-plus valuation would also make Didi the tech industry’s second absolute best valued startup (‘or private tech firm’) in the back of simplest… Uber. (after all!) presently, Didi is ranked fourth, in step with data from Crunchbase, but the new spherical could take its valuation past that of fellow chinese companies Xiaomi ($ forty five billion) and Alibaba affiliate Ant monetary ($ 50 billion) which presently sit down second and 1/3, respectively, at the back of Uber on the valuation ladder.
The supply advised TechCrunch that one of the buyers in Didi’s new round will embrace present backers financial institution of Communications, China retailers financial institution and SoftBank. U.S.-primarily based Silver Lake, which just lately raised a $ 15 billion fund — its fifth to date — is set to sign up for as a brand new investor in the spherical. The agency counts Didi investor Alibaba, and Alibaba’s native commerce affiliate Koubei amongst its portfolio of offers.
All of this comes while Didi waits upon the completion of its acquisition of Uber’s China industry. The deal was first announced on August 1, but it is topic to a large number of regulatory bodies. more not too long ago, Didi has forayed into the U.S. with a California-based totally research lab that is dedicated to growing artificial intelligence and self-riding automotive know-how. It even poached a excessive-profile Uber researcher as part of its U.S. push. It additionally accelerated into focal point into Latin the usa, via a $ a hundred million funding, and it backed one of China’s top bike-sharing firms, Ofo, last yr.