SoftBank confirms $5b in China ride hailing firm Didi Chuxing

The Didi Chuxing application is displayed on a smartphone screen in this arranged photograph taken in Shanghai, China, on Sunday, May 22, 2016. Photo: Bloomberg

SoftBank Group Corp said it has agreed to invest $5 billion in China‘s Didi Chuxing, confirming it led a recent fund-raising round by the ridehailing firm that sources said valued Didi at more than $50 billion.

Didi said last month it raised more than $5.5 billion to expand its business overseas and develop artificial intelligence technology. Sources had said investors included SoftBank.

A SoftBank spokesman said on Friday the investment was related to Didi‘s last fund-raising round.

SoftBank is trying to transform itself into the “Berkshire Hathaway of the tech industry” with the launch soon of a $100 billion technology fund as telecoms services markets mature.

It has already announced plans to invest at least $25 billion over the next five years in the fund, which would be one of the world’s largest private equity investors. Analysts expect debt-heavySoftBank to transfer some of its existing investments to the fund to meet that commitment.

SoftBank disclosed the Didi investment in a statement seen by Reuters on Friday and first reported by local media. It said the impact of the investment on its results for the year ending March 2018 had not yet been determined.

SoftBank Chief Executive Masayoshi Son said earlier this week said talks had begun with about 30 companies on potential investments from the technology fund.

Also read:

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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.