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Didi Chuxing, the\u00a0on-demand giant\u00a0that drove Uber out of China<\/a>, is set to become the world\u2019s second-highest valued\u00a0tech startup.<\/p>\n Beijing-based Didi is in the process of raising a round that could reach as high\u00a0as $6 billion at a valuation that would exceed $50 billion, a source with knowledge of discussions told TechCrunch. That\u2019s not far from Uber itself, which is said to be valued at over $60 billion.\u00a0Bloomberg originally reported the raise<\/a>, rumors of which first began circulating<\/a> last month.<\/p>\n Didi declined to comment.<\/p>\n The new deal would represent a significant hike on the company\u2019s most recent $28 billion valuation when it closed a colossal $7.3 billion investment<\/a> that included money from Apple and China Life.<\/p>\n The $50 billion-plus valuation would also make Didi the tech industry\u2019s second highest valued startup (\u2018or private tech firm\u2019<\/a>) behind only\u2026 Uber. (Of course!) Currently, Didi is ranked fourth, according to data from Crunchbase<\/a>, but the new round could take its valuation past that of fellow Chinese firms Xiaomi ($45 billion)<\/a>\u00a0and Alibaba affiliate Ant Financial ($50 billion)<\/a>\u00a0which currently sit second and third, respectively, behind Uber on the valuation ladder.<\/p>\n The source told TechCrunch that some of the investors in Didi\u2019s new round will include existing backers\u00a0Bank of Communications, China Merchants Bank and SoftBank. U.S.-based Silver Lake, which recently raised a $15 billion fund<\/a> \u2014 its fifth to date\u00a0\u2014 is set to join as a new investor in the round. The firm\u00a0counts<\/a> Didi investor Alibaba, and Alibaba\u2019s local commerce affiliate Koubei<\/a> among its portfolio of deals.<\/p>\n All of this comes while Didi waits upon the completion of its acquisition of Uber\u2019s China business. The deal was first announced on August 1, but it is subject to numerous regulatory bodies. More recently, Didi has forayed into the U.S. with a California-based research lab<\/a> that is dedicated to developing artificial intelligence and self-driving car technology. It even poached a high-profile Uber researcher as part of its U.S. push. It also expanded into focus into Latin America, via a $100 million investment<\/a>, and it backed one of China\u2019s top bike-sharing companies<\/a>, Ofo, last year.<\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2016\/09\/didi-2.jpg?w=680\")
Didi Chuxing, the\u00a0on-demand giant\u00a0that drove Uber out of China, is set to become the world’s second-highest valued\u00a0tech startup. Beijing-based Didi is in the process of raising a round that could reach as high\u00a0as $6 billion at a valuation that would exceed $50 billion, a source with knowledge of discussions told TechCrunch. That’s not far from Uber itself, which is said to… Read More<\/a><\/p>\n\n<\/img><\/a>
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