Photo: ReutersHong Kong: Ride-hailing giant Didi Chuxing is near an agreement to raise at least $5 billion in a deal that would make it the most valuable start-up in China, according to people familiar with the matter. That would surpass the level reached by smartphone maker Xiaomi Corp. and make Didi the most valuable startup in the world after Uber. Didi’s investors include SoftBank Group Corp., Silver Lake Kraftwerk, China Merchants Bank Co. and an arm of Bank of Communications Co., the people said. Didi became China’s undisputed ride-sharing leader after Cheng negotiated a deal to buy out Uber’s local operations. Didi counts more than 100 investors as backers including Tencent Holdings Ltd., Alibaba, Tiger Global Management and China’s sovereign wealth fund China Investment Corp. Bloomberg

Source: Mint April 27, 2017 05:15 UTC