Chinese freight platform to raise more cash on 'huge' investor demand
CHINA's most popular ride-hailing downloadable computer app, the Didi Chuxing freight service, plans to raise additional capital after its debut fundraising drew about US$3 billion in bids, reports London's Financial Times
18 January 2021 - 19:00
Didi Freight initially planned to sell up to $400 million of equity in December, according to sources, but is now considering raising further funds after investors lodged bids for seven times that amount.
The additional fundraising could be carried out this month, the sources said, adding that the plans were not yet finalised. The funds would be used to significantly expand Didi Freight's presence across big cities in China.
Didi Freight matches China's vast pool of self-employed truck drivers with jobs such as goods deliveries and home removals. Most freight in China travels by road and investors have been drawn to those internet companies that they believe that can boost the company's efficiency.
In China, Didi Chuxing, Toyota-backed Pony.ai and Baidu are also testing autonomous cars.
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