MORE FROM KrASIA

CHINA BRIEF | SoftBank to close USD 300 million investment in Didi’s self-driving subsidiary

SoftBank is already the largest backer of Didi’s ride-hailing business.

Brief_Investment Brief_Investment

SoftBank is reportedly finalizing a deal to invest USD 300 million in the autonomous driving subsidiary of Didi Chuxing, news media outlet The Information reported on Monday, citing people with knowledge of the situation.

Didi, the largest ride-hailing platform in China, declined to comment on this deal when contacted by KrASIA on Tuesday.

SoftBank and Didi have been in talks since the ride-hailing firm spun off its autonomous driving unit in August 2019, according to The Information. Didi’s autonomous driving unit was established in 2016, with a focus on developing and testing autonomous vehicles in China and the United States.

SoftBank is already the largest backer of Didi’s ride-hailing business. It took part in the firm’s USD 4.5 billion funding round in 2016 and then made another investment in 2017 in Didi’s USD 5.5 billion round. In March 2019, Softbank also announced the injection of additional USD 1.6 billion into Didi.

The Japanese conglomerate also backs Indian ride-hailing firm Hola, and southeast Asian giant Grab.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.