China's Didi confirms $5.5 billion funding for global expansion

Today's news comes less than a year after Didi Chuxing closed an even bigger $7.3 billion funding round, in which Apple contributed a cool $1 billion.

However, not all valuation experts agree that Uber should be valued so high.

Investors in this round reportedly include Silver Lake Kraftwerk, SoftBank, and China Merchants Bank.

Ant Financial, China's most valuable private internet finance firm and an affiliate of Alibaba Group Holding Ltd, is valued upwards of $60 billion. The US rival of Uber Lyft, raised $500 million recently, bringing up their valuation of $7.5 billion.




CHINA'S leading ride-hailing application Didi Chuxing said it has completed a US$5.5 billion financing to replenish its investment in artificial intelligence technologies.

The business will use this money to finally come out of China and go global. 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. While the company has many partnerships with other ride-hailing service around the world, its own brand might soon be making an appearance on global roads. 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.

Didi Chuxing is based out of Beijing. The business was set up by Cheng Wei in 2012. This makes it not just Uber's closest rival in ride-hailing apps, but the second most valuable private tech startup after its American competitor full stop.

The Wall Street Journal's rankings were based on companies "that are privately held, have raised money in the past four years and have at least one venture-capital firm as an investor". Additionally, the company hasn't revealed who the investors are in this round of funding, though we will update here if or when we find out.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

BlackBerry KEYone launches in the United States and Canada on May 31
BlackBerry 10, the operating system on the handset, was the company's last real effort, and, well, we know how that worked out. The biggest difference between the BlackBerry KEYone and the Curve and Bold lines is the fact that it runs on Android.

Physician who was dragged off flight settles with United
Cellphone video of the confrontation aboard a jetliner sparked widespread public outrage over the treatment of Dao. United says that only 4 percent of its flights have more ticketed customers ready to board than available seats.

Hannity defends Fox News president Shine amid report
A person familiar with the matter suggested the company viewed him as an important part of the current Fox News executive team. Fox News host Sean Hannity warned on Twitter Thursday that the end of the Fox News channel could be at hand.

Trump threatens Canada over milk imports
Carr said Ottawa has put forward "reasonable proposals" over the past year addressing USA producers' concerns. Lumber Coalition is not using the same types of logs for comparison when arguing Canadian prices are lower.

McG Is No Longer Attached To Masters of the Universe
While Terminator: Salvation director McG was previously attached to the project , the site reports that he is no longer involved. Now, if you were a fan of the original cartoon or the toys, this should come as some pretty awesome news.

Blackhawks trade Darling to Carolina in exchange for draft pick
Carolina's other two third-round picks (their own and New Jersey's) will come before the Ottawa pick that now belongs to Chicago. Francis said he would begin preliminary talks with Matt Keator, Darling's agent, early next week.

Humans Arrived in North America 100000 Years Earlier Than Thought
Furthermore, those hominids knew how to use basic tools for extracting bone marrow or processing the materials for production. The researchers also conducted their own experiments smashing elephant bones and saw similar patterns.

Sprint relay teams successful at Penn Relays
Hoya History The 2017 Penn Relays marks the 30th anniversary of the 1987 Georgetown Championship Men's DMR squad. In this long race, the runners must keep a quick pace while jumping over barriers and mud puddles.

Sheriff: 'Bachelor' star refused to answer door after crash
The reality star was released after posting $10,000 bail, and is scheduled to appear in court on May 2. He was taken after the crash by ambulance to Mercy Hospital in Oelwein, where he was pronounced dead.

Red Sox 2B Dustin Pedroia leaves with apparent knee injury
Mychal Givens pitched two flawless innings, Donnie Hart got two outs in the ninth and Darren O'Day finished for his first save. Umpires initially ruled that the Barnes pitch hit Machado and sent him to first base, even though the ball hit Machado's bat.

Dejected Bayern out to secure last title on offer
Guerreiro pounced on a lose backpass from Martinez but his shot hit the post, but Marco Reus was on hand to tap home the rebound. The BVB got a good start going into the game as Pierre-Emerick Aubameyang missed the target just wide with four minutes played.

Nintendo Switch Hardware Sales Reach 2.74 Million Worldwide, 5.46 Million For Software
Nintendo announced the figure in its year-end earnings release , which it calls a "promising start" for the console. It has the same increased processing speed, a built-in NFC reader for Amiibo support and the nipple C-stick.

Wladimir Klitschko vs. Anthony Joshua Odds & Prediction
I see a home win. "If he wants to grab, I can whip in a body shot and that would definitely slow him down", Joshua said. The Ukrainian (64-4, 54 KOs) is fighting for the first time since losing to Tyson Fury in November 2015.

Samsung foresees bigger profit in 2017 as memory chips soar
Total operating profit for the year came in at a staggering KRW9.9 trillion (US$8.8 billion), as predicted earlier this month. Conversely, whether or not the release of Samsung Galaxy Note 8 will happen during the IFA 2017 still remains to be seen.

Sundar Pichai's Compensation Doubles From Last Year To US $200 Million
It's super important to us that the ecosystem works well, it matters for advertisers and content makers, we take it seriously. The company is locked in a battle with social media company Facebook Inc FB.O in the fast-growing mobile advertising market.


More News

News
More News