I still can't get the picture of Didi Chuxing's President, Liu Qing (anglicized to Jean Liu), commenting on Travis Kalanick and Uber's efforts in China as cute. Then when Uber proclaimed the $3.5 billion investment from the Saudis she laughed and said she had more than that on the way.
Didi then announced the completion of a $7.3 billion fundraising.That's from last month's "Does Uber Go Bankrupt If Didi Chuxing Decides To Compete In the United States?".
Uber better be on top of their game in Southeast Asia because they weren't in China and got run out of the country....
From Bloomberg:
Ride-hailing giant Didi Chuxing raised more than $5.5 billion from investors, scoring the largest round of funding ever for a technology company to bankroll an expansion beyond China and into driver-less technology.
Didi, which drove Uber Technologies Inc. out of China last year, is already one of the country’s best-funded private companies: its backers range from powerful state agencies to global venture firms and WeChat-operator Tencent Holdings Ltd. The latest financing, which Didi disclosed in an emailed statement Friday, may propel forays into everything from artificial intelligence to auto-financing -- and potentially markets beyond its home territory.
Didi, led by the 33-year-old Cheng Wei, didn’t reveal the backers who joined this round. People familiar with the matter said this week that the investors would include SoftBank Group Corp., Silver Lake Kraftwerk, China Merchants Bank Co. and an arm of Bank of Communications Co. The round was said to have raised the four-year-old startup’s valuation to about $50 billion, up from a previous $34 billion after its acquisition of Uber’s China business.
That price tag would surpass smartphone maker Xiaomi Corp.’s and make Didi the world’s most valuable startup after Uber. Didi amassed $10 billion in cash and equivalents last 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.
Cheng founded Didi less than five years ago after leaving e-commerce giant Alibaba Group Holding Ltd. He and former colleagues started the business with financing from one of Alibaba’s ex-executives and initially launched the service in the southern metropolis of Shenzhen.
As the business took off, he won out over rivals through competition or acquisition. That culminated with last year’s acquisition of Uber’s China business, resulting in the U.S. ride-hailing company getting a 17.5 percent stake in Didi....MORE
...Having cornered the market for on-demand cars and taxis, Cheng is branching out into bus services and bikes, throwing his weight for instance behind one of the country’s largest bicycle-renting services, Ofo. On the global front, the company has formed an alliance with Grab in Southeast Asia and Ola in India, to thwart Uber in those regions....
Previously:
Ridezilla: Chinese Rideshare Co, Didi Chuxing Is Looking to Raise Another $6 Billion
Uber Competitor Didi Chuxing Raises $7 Billion In Latest Round
Apple Investee Didi Chuxing Says It Is About To Raise More Cash Than Uber's $3.5 Billion Saudi Deal
"Uber is being mocked by its biggest competitor in China"
Apple Investee Didi Chuxing Receives Another $600 Million, This Time From An Uber Backer
Uber fares in China soar after Didi deal
"Uber's Chinese Rival is Raising Another $1 Billion"
"Apple invests $1 billion in Chinese ride-hailing service Didi Chuxing" (AAPL)
Might as well buy your way into China.
And many more. Use the search blog box if interested.
