Didi cruises to the top of Chinese startups - China business and technology news from April 26, 2017 - SupChina

Didi cruises to the top of Chinese startups – China business and technology news from April 26, 2017


Didi Chuxing, the app that ate Uber alive in China last year to dominate the country’s ride-hailing market, is set to gobble up another $5 billion to $6 billion in funding and become China’s most valuable startup, Bloomberg reports. Its prospective $50 billion valuation would put it above smartphone maker Xiaomi, currently China’s largest startup, and second only to Uber itself among startups worldwide. Behind the newest round of funding appears to be SoftBank Group Co.’s Masayoshi Son of Japan, who “encouraged Didi Chief Executive Officer Cheng Wei 程维 to take more capital” and pursue new and global opportunities. Cheng’s company has faced regulatory challenges in some Chinese cities, many of which now require Didi’s drivers to be local residents, though Didi won an operating license in the northern metropolis of Tianjin. Now the company with near-monopoly control over China’s ride sharing aims to expand into driverless car technology and artificial intelligence.


Share
Lucas Niewenhuis

Lucas Niewenhuis is an associate editor at SupChina who helps curate daily news and produce the company’s newsletter, app, and website content. Previously, Lucas researched China-Africa relations at the Social Science Research Council and interned at the Council on Foreign Relations in New York. He has studied Chinese language and culture in Shanghai and Beijing, and is a graduate of the University of Michigan.