All hail the glorious future of ride-hailing domination. It is unclear what investors are hoping for when they sink $4bn into Didi Chuxing, a Chinese giant in the field. But a funding round that values the private group at $56bn requires bold assumptions about market power.
Didi, China’s market leader, wants to use its new cash to fuel expansion, buy electric vehicles, build charging points and invest in artificial intelligence. Didi could also take on Uber overseas after forcing the US giant out of China.
That battle involves a complicated relationship. SoftBank, a participant in the round alongside a sovereign fund, had already invested in Didi. It also has stakes in Uber and rivals such as India’s Ola and Southeast Asian group Grab.
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