Didi Chuxing, China's ride-hailing unicorn is about to take Uber’s place as the "most valuable startup". Investors now valued Didi as about $56 billion, which is increasing from $50 billion in April 2017. On the contrary, Uber’s valuation is lowered from roughly $68 billion to $50 billion.
In fact, Uber has already ceded its place to Didi in China from 2016 since merging its Chinese business with Didi in a $35 billion deal. After that, Didi has monopolized the ride-hailing industry in China.
The battle between Didi and Uber does not end in China. In 2018, Didi plans to launch its smartphone app in Mexico. Meanwhile, it has acquired home-grown counterpart called 99 in Brazil. Both actions will potentially checkmate Uber in Latin America and signal Didi's ambition to expand its global market.
In addition to Uber, the shared-bike companies have also become tough rivals for Didi in China, especially in short-distance transportation. The active users of the top 2 bike-sharing apps Mobike and Ofo has even surpassed Didi in 2017. To break this adverse situation, Didi has announced to launch a comprehensive bike-sharing platform within its ride-hailing app. It will integrate Ofo, which Didi has a significant stake in from 2017, Bluegogo, Didi's new bike-sharing partner, Didi's upcoming own-branded bike-sharing service, as well as all other potential bike-sharing partners.
Didi’s cross-industry and cross-country strategies have flexed its muscles to rapidly and strongly grow. Its expansion also comes at a difficult time for Uber to keep the leading role in sharing economy in the future.