Sunday, December 22

Tag: Didi Chuxing

Didi Chuxing considers going public in 2021; targets $60-bn valuation
21Oct By reutersNo Comments
Market

Didi Chuxing considers going public in 2021; targets $60-bn valuation

Hongkong, 21st Oct 2020: China's top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering (IPO) next year, people with knowledge of the matter said, rethinking previous aims to list in New York amid rising Sino-US tension. Didi, backed by technology investment giants SoftBank , Alibaba, and Tencent, has started initial talks with investment banks for the long-awaited IPO, according to three people. The people spoke on condition of anonymity as the information, including the identity of the banks, was private. The people said the Beijing-based company is targeting a valuation of more than $60 billion by the time of launching the IPO, expected as soon as in the first half of 2021. Founded eight years ago, Didi has begun generating he...
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China-based Didi Chuxing Raises $500 million from US-based Travel Firm
18Jul By Gauri SinghNo Comments
FUNDING

China-based Didi Chuxing Raises $500 million from US-based Travel Firm

Didi Chuxing, a China-based ride-hailing online company has secured funds amounting to $500 million from a US-based travel company known as Booking Holdings. The basic aim of this funding round is to bolster the company’s plans to make an entry into the fresh markets outside of China. Both the companies announced the investment in a joint statement, however, its details were undisclosed. After this funding round, the valuation of the company has reached $56 billion. Didi Chuxing is also expected to go public and launch an initial public offering (IPO) in the near future. The deal will witness Booking work in association with Didi to offer its on-demand car services through its Booking.com apps. In the same way, Didi customers will have the option to book hotels through Booking.com...
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China’s Baidu Tests Self-Driving Cars on Expressway
22Jun By Lavina TolaniNo Comments
CHINA

China’s Baidu Tests Self-Driving Cars on Expressway

China’s search engine major, Baidu Inc. on Thursday tested its two self-driving cars on an unused expressway in north China's Tianjin City. As informed by the company, this was the very first time for Baidu's automated cars to be tested on the Tangshan-Langfang expressway which is scheduled to open later this year. The trial run conducted will enable developers to collect data on the car's performance in sensing the environment and self-control and positioning, a senior engineer with within the road test team said. Meanwhile, the Chinese giants have been quietly testing vehicles in China and trying to take over Silicon Valley tech giants. The companies battling a head-on competition with each other include Baidu, Tencent and Alibaba, all of which are investing heavily in the technolo...
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Chinese Cab Rider Didi to Test Self-Driving Cars in California
14May By Lavina TolaniNo Comments
USA

Chinese Cab Rider Didi to Test Self-Driving Cars in California

Didi Chuxing, Chinese largest cab riding company has been given the go-ahead to test autonomous driving cars in California on May 10 according to the California Department of Motor Vehicles' website. The move has come in the wake of US rival Uber being given a suspension for its driverless car programme across North America after a fatal collision accident of a pedestrian early this March. Additionally, the cab-hailing major is itself facing issues over safety concerns and has given a halt to is pooling service-Hitch for a week post-murder of one of its cab rider that created an outcry over Chinese social media. Post the go-ahead with permits, Didi will become the 53rd company to receive a permit to test autonomous vehicles in California. The Chinese cab aggregator had opened its ...
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China’s Ride Aggregator Didi Halts Domestic Services for a Week
12May By Lavina TolaniNo Comments
CHINA

China’s Ride Aggregator Didi Halts Domestic Services for a Week

China's Largest Ride Aggregator Service, Didi Chuxing has reported to halt one of its domestic services for over a week following a death of female passenger that sparked questions on safety this Friday. The killing of a 21-year-old flight attendant in the central province of Henan last week diverted attention leading to an intense debate over China's social media that became the most talked about topic microblog platform Weibo in no time. The case has given birth to questions over safety concerns challenging ride-sharing company, Didi as it takes on rivals such as Uber Technologies Inc. Didi is backed by Apple Inc and Japan’s SoftBank Group Corp. The company has also apologised as it is about to suspend its Hitch service- a pooling service for passengers and drivers going to the ...
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Meituan Dianping Acquires Mobike for $ 2.7 Billion
5Apr By Sheldan RungasamyNo Comments
ACQUISITION

Meituan Dianping Acquires Mobike for $ 2.7 Billion

Meituan Dianping, a Chinese mobile internet company also operating a trading platform and local life information recently acquired Mobike for $2.7 billion. Tencent Holdings support both companies and the deal is likely to increase the competition between the holding company and the Alibaba Group as both companies go toe-to-toe in a fierce competition to maximize their reach on the Chinese market. Meituan announced the deal on Wednesday but did not want to reveal the amount paid for the acquisition. However, two anonymous sources told Reuters that Mobike was bought for $ 2.7 billion. The acquisition will see Meituan and Mobike merge their technology, operations, marketing and consumer service resources, a statement from Meituan affirmed. The mobile internet company also shared that Mo...
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Uber rival Didi Chuxing gets $4 bn from SoftBank, others for global expansion
21Dec By reutersNo Comments
FUNDING

Uber rival Didi Chuxing gets $4 bn from SoftBank, others for global expansion

Chinese ride-hailing service Didi Chuxing Technology Co has raised $4 billion in a new funding round, the firm said on Thursday, boosting its war chest as it looks to expand overseas and intensify a challenge to Uber Technologies Inc. The fundraising will help fuel the firm’s global expansion plans as well as help it develop its business into areas like artificial intelligence (AI), Didi said. The round values the firm at over $50 billion and pre-existing investor SoftBank Group Corp is a participant, a person familiar with the deal told Reuters. SoftBank did not immediately respond to a request for comment. “With a substantial cash reserve, Didi plans to scale up investments in AI talent and technologies,” Didi said in a statement. The funds would also help the firm “bring more ...
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Chinese Ride Sharing Giant DiDi Chuxing Is Coming To North America
8Dec By RishabhNo Comments
USA

Chinese Ride Sharing Giant DiDi Chuxing Is Coming To North America

Beijing, China's ride hailing giant Didi Chuxing is planning to expand its services to expand to Mexico by next year, marking the company's first international expansion move. This also signals a new phase of competition with global ride sharing company Uber, which quit its Chinese business by selling it to Didi in 2016 after lengthy and expensive battle. After Uber, Didi Chuxing is the most valued privately owned firm in the world. Its decision to begin recruiting drivers and offering rides in Mexico will surely be seen as shot across Uber's bow at a time when the company witnessed a series of self-inflicted scandals. Didi right now has no card outside China, but will be launching an app in the Mexico and recruit local drivers. It is unclear which cities Didi will target, althoug...
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SoftBank Funding May Prompt Uber To Review Game Plan In Southeast Asia
21Nov By reutersNo Comments
BUSINESS

SoftBank Funding May Prompt Uber To Review Game Plan In Southeast Asia

SoftBank Group’s multi-billion dollar investment in Uber Technologies Inc opens up the possibility of combining it with other ride-hailing assets the Japanese group owns in a consolidation of a rapidly growing business across Asia, industry sources say. Uber Technologies Inc said on Nov. 12 that a planned deal with a consortium led by SoftBank and Dragoneer Investment Group was moving forward. The consortium plans to inject $1 billion to $1.25 billion into Uber, and buy up to 17 percent of existing shares in a secondary transaction. SoftBank has also been a big investor in Uber’s rivals across Asia, including Southeast Asia’s Grab, China’s DiDi Chuxing, and India’s Ola, as it works to achieve founder Masayoshi Son’s vision of a future driven by artificial intelligence and interconnec...
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Will SoftBank Ditch Uber And Invest In Rival Lyft?
7Nov By RishabhNo Comments
BUSINESS

Will SoftBank Ditch Uber And Invest In Rival Lyft?

SoftBank CEO Masayoshi Son on Monday said he could still walk away from the deal between SoftBank Group Corp and Uber, after the negotiations for stake in the cab aggregator platform. He also added that perhaps the company may even invest in Uber's rival Lyft. “Depending on the price and conditions, it is wholly possible we could shift our investment to the other main company Lyft. It is wholly possible,” Son said at a press conference following SoftBank’s second-quarter earnings. “We won’t know until the very end.” The negotiations are on regarding the price of the stakes in Uber, half of which will come from existing Uber shareholders, and if arriving at a price becomes difficult, he will invest in Lyft Inc. He also mentioned about the conditions such as the number of board members, th...
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Ola Confirms $1.1 Bn Fund Raise From Tencent Holdings
11Oct By RishabhNo Comments
FUNDING

Ola Confirms $1.1 Bn Fund Raise From Tencent Holdings

One of India's unicorn, Ola, operated by ANI Technologies Pvt Ltd has confirmed that it has closed a $1.1 billion funding from Tencent Holdings, a leading Chinese internet company. The round also saw participation from its existing investor- SoftBank Group and other new US-based financial investors. Ola also said that it is in advanced talks with existing and another investor to raise additional $1 billion, thus rounding off what may turn out to be a $2 billion funding round. After a billion scale funding received by Flipkart and Paytm, Ola is the third one to receive such massive funding this year. Flipkart leads them by having raised at least $2.8 billion  in two separate tranches from SoftBank, Tencent, eBay and Microsoft, followed by Paytm which raised $1.4 billion from SoftBank....
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