dglobalnews.com China's Uber worth $50 billion after raising more cash
Published: Sun, April 30, 2017
Research | By Kayla Price

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

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

The company, which brought Uber's assets in China previous year, has raised $5.5 billion in private equity, bringing its total valuation to $50 billion, according to CrunchBase. Uber China, a regional subsidiary of the ride-hailing service, merged with Didi in a deal worth $35 billion last August. Didi Chuxing will also use the funds to research driverless auto technology and other high-technology advanced transportation systems. The deal gave Uber a one-fifth stake in Didi.

The new funding round includes investments from Menlo Park, CA-based Silver Lake Partners, Tokyo-based Japanese telecom and tech giant SoftBank Corp., Shenzhen-based China Merchants Bank Co. and China's Bank of Communications Co., according to people familiar with the matter. Ant Financial, the payments affiliate of Alibaba is valued at $60 billion.

China legalised ride-hailing services in July past year and is the world's largest market, fuelled by hundreds of millions of mobile-savvy Chinese millennials.

The proceeds will be used to support its global expansion strategy and continued investments in artificial intelligence, the announcement said. Didi has sealed several overseas partnerships, focusing on intelligent driving, such as making use of artificial intelligence, as well as similar ride-hailing services.

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Earlier this year, Didi launched a laboratory in Mountain View in California, close to an Apple research facility, in an effort to attract the best talent in AI.

The company hopes that driverless technology could help it overcome these hurdles in the future.

Didi drove Uber out of China when the ride-hailing service was unable to turn a profit in the country. Didi wants to take advantage of data on 300 million users across some 400 cities. At that time, Didi was valued at about Dollars 34 billion. It also employed Charlie Miler, former Uber engineer as the transport safety and security expert at the division.

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