Ride-hailing app would become most valuable China startup
Didi said to raise funds for automated driving expansion
Ride-hailing giant Didi Chuxing is near an agreement to raise $5 billion to $6 billion in a deal that would make it the most valuable startup in China, according to people familiar with the matter.
The round will lift Didi’s valuation to about $50 billion, up from a previous $34 billion after its acquisition of Uber Technologies Inc. ’s China business, said one of the people, asking not to be identified because the matter is private. That would surpass the level reached by smartphone maker Xiaomi Corp. and make Didi the most valuable startup in the world after Uber. Didi’s investors include SoftBank Group Corp. , Silver Lake Management, China Merchants Bank Co. and an arm of Bank of Communications Co., the people said.
The deal, one of the largest ever in the Asian venture industry, is aimed at giving Beijing-based Didi sufficient capital to pursue an ambitious agenda in China and beyond. While the four-year-old startup has so far focused on ride-hailing services in the domestic market, it’s looking to expand into more countries and invest in technologies from autonomous driving […]