In the ongoing battle for dominance in the Chinese ridesharing market, Didi may have pulled ahead just a bit again. As favor continues to oscillate between Uber and its biggest rival in the country, Didi managed to raise another $7.3 billion in its latest funding round, adding investors like BlackRock to its burgeoning list of impressive backers. The investment firm joins other major American companies like Apple in their support of the Chinese transportation giant. Didi is now valued at a whopping $28 billion.
The news comes just a few weeks after claims from Uber executives that its own black car services would be able to outpace the homegrown competition by the end of the year, a notion that Didi called “cute” at the time. While Uber is an international company, with services in 71 countries and 438 cities, Didi has focused all its attention on its nation of origin.
Much of the company’s support also comes from fellow Chinese companies, with tech giants like Alibaba and Tencent pouring huge sums into the company. Many Chinese investment firms have also shown their support, contributing to the $8.5 billion total Didi has raised thus far.
The booming transportation industry has attracted the attention of numerous investors from across the globe, with some companies even pouring money into both companies. “It’s very unusual to allow the same parties to invest and get information rights of sworn mortal enemies,” Max Wolff, chief economist at Manhattan Venture Partners, told Reuters. “But then again, it’s also not common to raise $14 billion as a seven-year-old pre-IPO company.”
For its part, Uber has claimed to be unfazed by the apparent overlap in investors with its rival. Didi, on the other hand, has not commented on the matter.
So buckle your seat belts friends — this is one race that clearly has yet to end.
