Didi Now Third Most Valuable Private Company After Fundraising
Didi Chuxing Technology, China’s version of Uber, raised $4.5 billion in a round of fundraising making it the third most valuable private company.
It now has a valuation close to $28 billion, according to the article, and sits third behind Uber and smartphone maker Xiaomi Corp.
Didi was valued at US$16.5 billion last year. It closed its latest round of funding with the help of Apple Inc. and prominent Chinese investors, including the nation’s top life insurer, according to sources cited by Bloomberg.
Backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd. — China’s two most valuable technology companies — Didi is targeting an initial public offering in New York next year, sources close to the situation said.