(WSJ) Chinese ride-sharing giant Didi Chuxing is prepared to raise funds amounting to 8%-10% of its valuation as it prepares to list in the US in July.
Didi’s valuation could reach $70 billion after the funding round as investors seek to invest in high growth companies seeking public listing.
The Chinese tax-hailing giant plans to use the money from the funding round to invest in technology, introduce new products, and expand beyond China.
Didi pushed Uber out of China, after winning price wars in 2016 that saw the US ride-sharing firm sell its unit to the Beijing rival.
Didi is yet to select the exchange but plans to list under ticker DIDI.
Didi posted 141.74 billion Chinese Yuan or $21.63 billion revenues in FY20, down 8.4% from the previous year and a net loss of $1.63 billion.
Currently, Didi operates in 14 countries apart from China and plans to move into the manufacture of electric vehicles in collaboration with other auto players.
