Softbank to invest $1.6 billion in Didi: CEO

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.

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