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Uber’s primary Chinese rival Didi Chuxing is working its way to becoming a $50 billion company as it raises between $5 and $6 billion in its current funding round, CNBC reports. And from the sound of things, the rival is generally in a whole lot better spot (performance-wise, at least) than where Uber is currently.
According to CNBC’s report, China Merchant Bank, Softbank, and Silverlake are part of Didi’s latest funding round.
As a frame of reference for Didi’s $50 billion valuation, Uber is currently valued at $66 billion. However, a recent report from The Information showed that Uber’s stock in the secondary market could be falling, dropping its valuation to almost $50 billion.
Following a period of aggressive ride-hailing competition in China, Didi took control of Uber in China in 2016 and left Uber with a 20 percent stake in the Chinese firm and a $1 billion investment.
It remains to be seen whether this most recent round of investment could help push Didi forward into the broader ride-hailing market worldwide.
