Chinese Uber Rival Didi Chuxing May Be a $50 Billion Company After New Investment

Didi Chuxing is raising a new round of capital. 

Apps of Uber and Didi Chuxing on smart phone.  Uber is
Zhang Peng—LightRocket via Getty Images

Uber's primary Chinese rival Didi Chuxing is working its way to becoming a $50 billion company as it raises between $5 and $6 billion in its current funding round, CNBC reports. And from the sound of things, the rival is generally in a whole lot better spot (performance-wise, at least) than where Uber is currently. 

According to CNBC's report, China Merchant Bank, Softbank, and Silverlake are part of Didi's latest funding round. 

As a frame of reference for Didi's $50 billion valuation, Uber is currently valued at $66 billion. However, a recent report from The Information showed that Uber's stock in the secondary market could be falling, dropping its valuation to almost $50 billion

Following a period of aggressive ride-hailing competition in China, Didi took control of Uber in China in 2016 and left Uber with a 20 percent stake in the Chinese firm and a $1 billion investment. 

It remains to be seen whether this most recent round of investment could help push Didi forward into the broader ride-hailing market worldwide.