Didi raises $5.5B. After the global truce, is it time for a global cab war?
Didi Chuxing, Uber’s biggest rival, often touted to be China’s Uber, has raised a fresh $5.5 billion in funding. The Chinese cab aggregator confirmed the funding in a statement to TechCrunch. The focus of this fund raise will be to ensure global expansion and deeper investment into emerging areas like AI. While Didi’s current valuation remains undisclosed, all reports guestimate the valuation to be a little over $50 billion, putting it next after Uber among worldwide competitors in the space. Didi has so far raised $13 billion, and Uber, $9.8 billion.
It has been less than a year since Uber conceded defeat of sorts in China, selling its Chinese subsidiary to Didi for a stake. The current fund round was led by Silver Lake Kraftwerk, and was joined by existing investors Banks of Communications Co., China Merchants Bank Co., and SoftBank. This makes the game of the cab aggregators very interesting on a global level.