The company reported sales of $ 21.6 billion last year. It also posted a profit in the last quarter on sales of $ 6.4 billion. Specifically, the company reported net income of $ 837 million before certain payments to shareholders, and overall net income of $ 95 million for the quarter.
Uber owns 12.8% of the company’s shares after selling its Chinese rideshare business to Didi in 2016, while SoftBank’s Vision Fund owns 21.5%.
Between 2019 and 2020, Didi’s income fell by almost 10% as the Covid pandemic hit China hard last year. However, before the pandemic, revenue grew 11% between 2018 and 2019. Additionally, revenue rebounded in the first quarter as the pandemic recovery in full swing, growing 107% in the first quarter compared to the quarter. of the previous year.
Part of the company’s profitability in the first quarter can be attributed to the $ 1.9 billion investment gains from spin-offs and divestitures.
For comparison, Uber reported a net loss of $ 108 million on revenue of $ 2.90 billion in the first quarter. For 2020 as a whole, Uber’s net losses amounted to $ 6.77 billion out of $ 11.14 billion in revenue.
Didi was recently valued at $ 62 billion following an August fundraiser, according to PitchBook data, and is backed by investment giants such as SoftBank, Alibaba and Tencent. Bloomberg has indicated that the company may have a valuation of $ 100 billion at the time of its IPO.
The list, which could be one of the biggest tech debuts in the world this year, comes as demand for ridesharing and travel agencies returns due to a decrease in Covid-19 cases and a deployment vaccines. Its US counterparts, Uber and Lyft, both said they would be profitable on an adjusted basis by the end of this year, thanks to the recovery.
Didi acquired Uber’s China business in 2016 in a complicated transaction in which the two companies took stock in each other. Didi said he sold all of his shares in Uber in November and December of last year.
Founded in 2012, Didi reported having 493 million annual active drivers and 15 million annual active drivers. Didi has been named four times on the CNBC Disruptor 50 list.
(The precise name of the company registered on the F-1 is Xiaoju Kuaizhi.) Goldman Sachs, Morgan Stanley and JP Morgan are providing underwriting.
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