China’s Didi Chuxing said to have raised $1.5b for freight unit

China's largest ride-hailing platform Didi Chuxing will start to offer services in Sydney on March 16, 2020.

China’s Didi Chuxing has raised $1.5 billion for its freight unit, a source familiar with the matter said on Tuesday, as the ride hailing giant expands its service portfolio.

The funding, the unit‘s first round, was led by investors including Singapore state investor Temasek Holdings, CPE and IDG Capital, said the source, who declined to be named as the issue is not public.

Didi, which is backed by SoftBank, declined to comment but said it is confident about reaching growth goals this year, without elaborating. Temasek and IDG Capital did not immediately respond to requests for comment. Reuters was not able to immediately reach CPE outside office hours.

Didi is hiring van and truck drivers in big Chinese cities including Beijing, Shanghai, eastern Hangzhou and southern Shenzhen for its on-demand logistics services in an expansion of its operations in China with its CEO Cheng Wei setting a goal of completing 100 million orders a day and reaching 800 million monthly active users globally by 2022.

Didi has mobility services including ride-hailing, hitch, and bike sharing, and is developing auto-related businesses such as autonomous driving and fleet management operations with automakers.

The on-demand logistics services sector in China however is considered to be a crowded market, with Manbang, Huolala and Kuaigou as market leaders.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.