DiDi Chuxing, China's largest ride-hailing giant, has just filed to go public.
The company has been growing at a very aggressive pace, turning profitable on the back of $6.4 billion of revenue this quarter.
Key Highlights
- DiDi filed to go public on Thursday, making it potentially the largest "tech IPO" of 2021.
- The company generated $6.4 billion in revenues for the current quarter.
- DiDi is also profitable this quarter, turning over a net income of $837 million.
Why It Matters
- DiDi has been aggressively expanding, even outside of China.
- The company currently operates in 15 countries, and holds stakes in competitors such as Grab (Southeast Asia).
- Uber currently 12.8% in DiDI, while SoftBank's Vision Fund holds 21.5%.
- DiDi was worth $62 billion as of their August's fundraising round.
