July 23, 2017

Dear Uber, that record funding means Didi is coming for you



Didi Chuxing logo
By Didi Chuxing (http://www.xiaojukeji.com/index/index) [Public domain], via Wikimedia Commons

While Didi confronts many of the same challenges bedeviling Uber-both are bleeding money and battling regulators. ( Source: Bloomberg) Chinese ride-hailing giant Didi Chuxing just raised more than $5.5 billion, giving Uber Technologies Inc. Chief Executive Officer Travis Kalanick one more thing to worry about.

Didi’s record funding round is said to value the company at more than $50 billion and gives it a war chest to ramp up efforts to harness artificial intelligence, build driverless cars, and compete more aggressively in foreign markets.

The cash infusion coincides with a rough period for Uber, which is facing lawsuits and an image problem, and follows a detente in China after Uber agreed to essentially cede the market to Didi in exchange for a significant stake.

“The bruising battle with Uber taught [Didi] a lot,” said William Bao Bean, a Shanghai-based partner at venture capital fund SOSV. “Now it’s battle-hardened, and can buy the best talent in the world to attempt to go big in China, and also go global.” While Didi confronts many of the same challenges bedeviling Uber-both are bleeding money and battling regulators-investors are still betting both will eventually have fleets of driverless vehicles in cities around the world. It’s a […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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