Japanese conglomerate Softbank will invest an additional $1.6 billion in Didi, according to the company’s CEO. The move comes amid reports of the ride-hailing giant’s record losses in 2018.

“We’re investing $1.6 billion … as the additional investment to our earlier rounds,” Softbank CEO and founder Masayoshi Son said of Didi during an interview with CNBC on March 8. He did not specify whether the investment would come from Softbank or its venture capital arm Vision Fund.

Son said that companies in the ride-hailing industry are “growing so quickly,” while acknowledging that they had not yet made a profit.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.