China's Uber worth $50 billion after raising more cash – CNNMoney


Uber and Didi Chuxing battle for supremacy in China

China’s homegrown reply to Uber is about to turn out to be the world’s second most respected startup.

Didi Chuxing, the journey hailing firm that is now backed by more than 100 buyers together with Apple (AAPL, Tech30) and Chinese web big Alibaba (BABA, Tech30), is near securing between $5 billion and $6 billion in recent funds, based on an individual acquainted with the fund raising.

The new injection of cash would give Didi a staggering valuation of roughly $50 billion. Only one different startup — Uber — is worth more, in line with knowledge supplier CB Insights.

Didi has tapped present buyers together with Japan’s TenderBank (SFTBF), China Merchants Bank (CIHHF) and a unit of China’s Bank of Communications, the individual stated.

Silver Lake Kraftwerk, a enterprise arrange by personal fairness agency Silver Lake and hedge fund billionaire George Soros, is investing in Didi for the primary time, the individual added.

Spokesmen for Didi and Softbank declined to remark. A spokesperson for China Merchants Bank couldn’t be reached for remark. Silver Lake and Bank of Communications didn’t instantly reply to requests for remark.

Related: Billion dollar startups

Uber secured a valuation of $68 billion following its final funding spherical final yr. However, that was earlier than the slew of damaging publicity that hit the corporate in current months.

Didi’s new valuation consists of its acquisition of Uber’s China operations, which it purchased final yr following a fierce battle between the rivals that was dropping each corporations cash.

Related: Uber sells its China business to big local rival

The recent funds shall be used for international enlargement, driverless automotive know-how and different superior transportation know-how, the individual accustomed to the fund raising stated.

Didi was arrange in 2015 by way of the merger of journey hailing apps Didi Dache and Kuaidi Dache. The firm is led by Cheng Wei, the previous Alibaba supervisor who based Didi Dache in 2012.

Bloomberg first reported information of Didi’s newest funding spherical.

CNNMoney (Hong Kong) First revealed April 27, 2017: 1:07 AM ET

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