Chinese ride-hailing giant Didi valued at more than $50b
Main page News, China, Auto, Tech

China's top ride-hailing firm Didi Chuxing will become the nation's second most valuable private company after its $6 billion fundraising lifted its value to more than $50 billion.

Some of the firms who invested in Didi's latest funding round included Japan's Softbank Group Corp, Silver Lake Partners, China Merchants Bank and Bank of Communications, sources said.

Didi and Softbank have refused to comment on the capital raising.

Uber plans to launch flying taxi service by 2020
Uber plans to launch flying taxi service by 2020

The company's $50 billion valuation represents a sharp jump from the $34 billion valuation in August last year when it agreed to buy Uber's Chinese business.

Alibaba affiliate Ant Financial is the largest privately-held firm in China, believed to be worth more than $60 billion.

Didi's latest capital injection will reportedly be used to expand internationally with the company securing partnerships in its core ride-hailing business but also in self-driving technology, according to reports.

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Waymo to begin first public trial of self-driving cars

Last month Didi opened a Silicon Valley research lab with a focus on artificial intelligence-related driving technologies.

Didi boasts 400 million users in China, where it operates in 400 cities.

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