Didi Files for IPO at $65B Valuation

Didi Files for IPO at $65B Valuation

Ride-healing giant Didi wants to float after submitting a market list earlier this month. The Beijing-based company, which plans to list on NASDAQ, did not disclose the size of the list, but local media said it would be worth more than $ 5 billion. In its prospectus, Didi said it was interested in becoming a “truly global tech company.”

Didi added that it has started operations in 14 countries in the last three years and now operates in about 4,000 cities in 15 countries. It further said that it is strategically building its shared dynamics, auto solutions, electric motors and autonomous driving divisions. Didi’s earnings for 2020 are about $22 billion, compared to $24 billion in 2019.

The company has raised more than 21 billion from multiple high-profile investors, including Softbank, Toyota, Booking Holdings and Apple. Just a year ago, the company received an investment of over $ 500 million from the Softbank Vision Fund when it planned to accelerate the development of autonomous vehicles.

Didi started the taxi-healing service in 2012. It expanded its ride-healing services year after year and grew through the acquisitions of Kuaidi in 2015 and Uber China in 2016. The company also began investing in autonomous driving in 2016 and in 2020 split up to share its D1 electric car. Grubb has been busy for several years for the ride-healing sector and big liquidity events, hoping to raise about $4.4 billion in cash as a result of its debut in the public market with Altair through SPAC.

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