China’s Didi to raise up to $6b, values firm at $50b — sources

BEIJING

Didi Chuxing, China’s top ride-hailing firm, is set to raise up to $6 billion (Dh22 billion) with a fresh injection of capital from investors including Softbank Group Corp, valuing the company at over $50 billion, sources said.

Other investors in the fund raising round include private equity firm Silver Lake Partners, China Merchants Bank and Bank of Communications, two people familiar with the matter said. They declined to be identified because they are not authorised to speak publicly. Didi Chuxing declined to comment. The last valuation for Didi was $34 billion in August when it agreed to acquire Uber Technology Inc’s China business following a drawn-out rivalry between the two firms. The deal gave Uber a one-fifth stake in Didi.