• Home
  • Apps
  • Apps News
  • SoftBank Investing $5 Billion in China Ride Hailing Firm Didi Chuxing

SoftBank Investing $5 Billion in China Ride Hailing Firm Didi Chuxing

SoftBank Investing $5 Billion in China Ride Hailing Firm Didi Chuxing
Highlights
  • Didi's latest fund-raising round values it at more than $50 billion
  • Didi wants to expand its business overseas and develop AI technology
  • SoftBank plans to invest at least $25 billion over the next five years
Advertisement

SoftBank Group said it has agreed to invest $5 billion (roughly Rs. 32,163 crores) in China's Didi Chuxing, confirming it led a recent fund-raising round by the ride-hailing firm that sources said valued Didi at more than $50 billion.

Didi said last month it raised more than $5.5 billion to expand its business overseas and develop artificial intelligence technology. Sources had said investors included SoftBank.

A SoftBank spokesman said on Friday the investment was related to Didi's last fund-raising round.

SoftBank is trying to transform itself into the "Berkshire Hathaway of the tech industry" with the launch soon of a $100 billion technology fund as telecom services markets mature.

It has already announced plans to invest at least $25 billion over the next five years in the fund, which would be one of the world's largest private equity investors. Analysts expect debt-heavy SoftBank to transfer some of its existing investments to the fund to meet that commitment.

SoftBank Logs Over $1.4 Billion Loss From Indian Investments, Including Snapdeal and Ola

SoftBank disclosed the Didi investment in a statement seen by Reuters on Friday and first reported by local media. It said the impact of the investment on its results for the year ending March 2018 had not yet been determined.

SoftBank Chief Executive Masayoshi Son said earlier this week said talks had begun with about 30 companies on potential investments from the technology fund.

© Thomson Reuters 2017

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Facebook to Appeal Austrian Global Hate Speech Order
Google Allo Now Lets You Turn Selfies Into Personalised Stickers Using Machine Learning
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »