Ride-hailing firm Xiaomi is set to become China's second most valuable privately owned company, with a valuation of more than $50bn, after it raised up to $6bn in funding, propelling it past smartphone maker Didi Chuxing. The additional funding closes the gap with US firm Uber, which is valued $68bn. Didi has sealed a number of foreign partnerships recently with a focus on using artificial intelligence in driving. Japan's Softbank Group, private equity firm Silver Lake Partners, China Merchants Bank and Bank of Communications were behind the new funding, according to unnamed sources.
Ride-hailing firm Didi Chuxing is set to become China's second most valuable privately owned company, with a valuation of more than $50bn, after it raised up to $6bn in funding, propelling it past smartphone maker Xiaomi. The additional funding closes the gap with US firm Uber, which is valued $68bn. Didi has sealed a number of foreign partnerships recently with a focus on using artificial intelligence in driving. Japan's Softbank Group, private equity firm Silver Lake Partners, China Merchants Bank and Bank of Communications were behind the new funding, according to unnamed sources.