Home News Didi raises gigantic US$5.5B round to fund international expansion and driverless tech

Didi raises gigantic US$5.5B round to fund international expansion and driverless tech

Author

Date

Category

- Advertisement -

This round brings Didi’s valuation to US$50 billion

Chinese ride-hailing giant Didi has raised an astronomical US$5.5 billion round.

The investors were not disclosed. But according to a report by Bloomberg, SoftBank Group Corp., Silver Lake Kraftwerk, China Merchants Bank Co. and an arm of Bank of Communications Co were said to be joining the round.

The newly-raised capital will be used to fund Didi’s international expansion efforts and also advance its driverless technology.

- Advertisement -

The new round also brings Didi’s valuation to US$50 billion. Previously, it was valued at US$34 billion after it acquired Uber’s Chinese business.

Driverless tech will help Didi overcome major regulatory hurdles in its home market. In February, Bloomberg reported that the Chinese authorities were cracking down on Didi drivers who did not have the right permits to operate.

As part of its efforts to build intelligent driving systems, Didi will open an AI Lab in Mountain View, California. It also recruited Charlie Miller, an engineer who made the news for his remote hacking of a jeep, and poached engineers from Google’s self-driving project.

Didi also teamed up with online tech class platform Udacity to launch a competition that will see five teams compete to develop self-driving technology.

On its market expansion front, Didi announced the launch of a new international business unit. It has also been test-trialling international credit card payments, and an English interface of its app, according to a report by the SCMP.

Register for your Echelon Asia Summit access pass now! Enjoy +10% off Echelon Asia Summit Startup, Investor and Corporate passes just for being our favourite e27 reader.

The post Didi raises gigantic US$5.5B round to fund international expansion and driverless tech appeared first on e27.

Source: e27

Send in your scoop to news@theindependent.sg 

- Advertisement -

Pritam Singh: Many Singaporeans feel CDC mayor salaries of S$660,000 annually are “outrageous”

Speaking in Parliament on Wednesday (Feb 24), Leader of the Opposition Pritam Singh said that many Singaporeans are of the view that the salaries of Community Development Council (CDC) mayors are "outrageous". He added that this was mainly because they are not...

10 migrant workers taken to hospital after explosion in Tuas industrial building

An explosion that took place at an industrial building in Tuas on Wednesday (24 Feb) resulted in 10 workers suffering from injuries. The Singapore Civil Defence Force (SCDF) reported that it responded to the fire at No. 32E Tuas Avenue 11 around...

Good Samaritan rushes to aid man bleeding at Chong Pang hawker centre

A Singaporean is being lauded online for rushing to the aid of a stranger who was bleeding in public. The man, ComfortDelGro taxi driver Alvin Sin, told citizen journalism portal Stomp that he was dining at the Chong Pang Food Centre in...

Send in your scoop to news@theindependent.sg 

Theindependent