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Miguel Cordon · · 1 min readSources: Didi Chuxing may raise $500m for self-driving unit ahead of IPO
“Ride-hailing giant Didi Chuxing is raising new funds for its self-driving unit as China’s answer to Uber attempts to supercharge growth beyond its core businesses ahead of an anticipated initial public offering this year,” Bloomberg reported, citing people familiar with the development.
Details:
- Didi Autonomous Driving is looking to rake in up to US$500 million in the potential raise at a valuation of around US$6 billion, the sources added. Plans for the fundraising could still change, as it’s still in its earlier stages.
- The new capital would help the company accelerate the mass production of its driverless vehicles and invest more into technologies such as AI chips.
Context:
- The development comes as Didi speeds up the pace for its IPO debut, which could come as soon as the next quarter.
- It’s reportedly targeting a valuation above the US$62 billion that it had secured during its last financing round.
Editing by Collin Furtado and Jaclyn Tiu
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