DiDi Global Inc. is a leading technology company headquartered in Beijing, China, incorporated in the Cayman Islands. It operates a platform that provides a wide range of mobility services, connecting consumers with drivers and delivery partners across multiple countries. DiDi’s mission is to leverage advanced technology to offer safe, efficient, and affordable transportation solutions, including ride-hailing, bike and e-bike sharing, food delivery, and financial services. The company serves millions of users globally, focusing on innovation, safety, and environmental sustainability.
Company Profile
DiDi’s operations are structured through a combination of wholly-owned subsidiaries and variable interest entities (VIEs), a common structure in China to navigate regulatory restrictions on foreign ownership in certain industries. The company’s platform facilitates millions of transactions daily, with a strong emphasis on data-driven technologies like artificial intelligence, real-time analytics, and autonomous driving solutions. DiDi has faced significant regulatory scrutiny, particularly in China, but continues to adapt and expand its services globally.
Business Segments
DiDi operates in three primary business segments, each contributing to its comprehensive mobility ecosystem. Below is a detailed breakdown of these segments, including their revenue contributions based on the financial data provided.
1. China Mobility
- Description: This segment encompasses DiDi’s core ride-hailing services in China, including platforms like DiDi Express, DiDi Premier, DiDi Luxe, and carpooling services such as Piggy Express. It also includes taxi-hailing and intra-city freight services. The segment leverages advanced algorithms for route optimization and real-time road condition analytics to enhance efficiency.
- Key Features:
- Offers a range of ride-hailing options tailored to different customer needs, from affordable carpooling to premium services.
- Integrates taxi-hailing, allowing traditional taxi drivers to connect with passengers via the DiDi platform.
- Intra-city freight services cater to logistics needs within urban areas.
- Focuses on safety through driver screening, real-time trip monitoring, and customer support systems.
- Revenue Contribution: Approximately 90% of total revenue, driven by the high volume of transactions in China’s densely populated urban centers.
2. International
- Description: This segment covers DiDi’s operations outside China, including ride-hailing and food delivery services in regions such as Latin America, Asia, and Africa. The DiDi Rider (International Version) app is customized to meet local market demands, offering services like ride-hailing and food delivery.
- Key Features:
- Localized services tailored to regional preferences, such as cash payment options in certain markets.
- Partnerships with local entities to ensure compliance with regional regulations.
- Expansion into food delivery to complement mobility services, enhancing platform stickiness.
- Revenue Contribution: Approximately 8% of total revenue, reflecting DiDi’s growing but still developing international presence.
3. Other Initiatives
- Description: This segment includes emerging services such as bike and e-bike sharing, financial services, and autonomous driving solutions. These initiatives are part of DiDi’s strategy to diversify its offerings and invest in future mobility technologies.
- Key Features:
- Bike and e-bike sharing promotes affordable and eco-friendly transportation options.
- Financial services include payment solutions and lending for drivers, enhancing platform engagement.
- Autonomous driving development focuses on Level 4 autonomy, aiming to reduce operational costs and improve safety.
- Revenue Contribution: Approximately 2% of total revenue, as these services are still in the growth phase.
Revenue Breakup by Segment (2024):
Segment | Revenue (RMB billions) | Percentage of Total Revenue |
---|---|---|
China Mobility | 174.6 | 90% |
International | 15.5 | 8% |
Other Initiatives | 3.9 | 2% |
Total | 194.0 | 100% |
Products and Services
DiDi offers a diverse portfolio of products and services, each designed to address specific mobility and related needs. Below is a detailed list with comprehensive details and revenue contributions.
1. Ride-Hailing (DiDi Express, Premier, Luxe, Carpooling, Piggy Express)
- Description: DiDi’s flagship service connects passengers with drivers for on-demand transportation. Options range from budget-friendly carpooling to premium services like DiDi Luxe.
- Details:
- DiDi Express: Standard ride-hailing service, balancing affordability and convenience.
- DiDi Premier: Offers higher-end vehicles for a more comfortable experience.
- DiDi Luxe: Premium service with luxury vehicles and professional drivers.
- Carpooling and Piggy Express: Cost-effective options where passengers share rides, reducing costs and environmental impact.
- Features real-time pricing, route optimization, and safety measures like driver verification and trip tracking.
- Revenue Contribution: Approximately 80% of total revenue, primarily from the China Mobility segment.
2. Taxi-Hailing
- Description: Integrates traditional taxi services into the DiDi platform, allowing taxi drivers to receive bookings digitally.
- Details:
- Enhances efficiency for taxi drivers by connecting them with a larger customer base.
- Offers passengers the convenience of booking taxis through the DiDi app.
- Includes safety features like real-time monitoring and driver background checks.
- Revenue Contribution: Approximately 5% of total revenue, driven by partnerships with taxi operators in China.
3. Intra-City Freight
- Description: Provides logistics solutions for transporting goods within cities, catering to small businesses and individual needs.
- Details:
- Connects shippers with drivers for same-day delivery services.
- Leverages DiDi’s technology for efficient routing and delivery tracking.
- Supports urban logistics demands, such as e-commerce deliveries.
- Revenue Contribution: Approximately 3% of total revenue, a growing segment within China Mobility.
4. Bike and E-Bike Sharing
- Description: Offers short-term bike and e-bike rentals for short-distance travel, promoting eco-friendly mobility.
- Details:
- Available in select Chinese cities, with plans for international expansion.
- Accessible via the DiDi app, with QR code scanning for unlocking bikes.
- Focuses on affordability and reducing carbon emissions.
- Revenue Contribution: Approximately 1% of total revenue, part of Other Initiatives.
5. Food Delivery
- Description: Connects consumers with restaurants and delivery partners, primarily in international markets.
- Details:
- Operates under the DiDi Rider (International Version) app in regions like Latin America.
- Offers cash payment options to cater to local preferences.
- Competes with established players like Uber Eats and DoorDash in select markets.
- Revenue Contribution: Approximately 4% of total revenue, mainly from the International segment.
6. Financial Services
- Description: Provides payment solutions and lending services, primarily for drivers on the DiDi platform.
- Details:
- Includes driver financing for vehicle purchases or leasing.
- Offers digital payment options for seamless transactions.
- Enhances driver retention by providing financial support.
- Revenue Contribution: Approximately 1% of total revenue, part of Other Initiatives.
7. Autonomous Driving Solutions
- Description: Develops Level 4 autonomous driving technology to enhance safety and reduce operational costs.
- Details:
- Focuses on proprietary technology for self-driving vehicles.
- Collaborates with partners like XPeng Inc. for technology integration.
- Aimed at future scalability in ride-hailing services.
- Revenue Contribution: Negligible (less than 1%), as it is still in the development phase.
Revenue Breakup by Product/Service (2024):
Product/Service | Revenue (RMB billions) | Percentage of Total Revenue |
---|---|---|
Ride-Hailing | 155.2 | 80% |
Taxi-Hailing | 9.7 | 5% |
Intra-City Freight | 5.8 | 3% |
Bike/E-Bike Sharing | 1.9 | 1% |
Food Delivery | 7.8 | 4% |
Financial Services | 1.9 | 1% |
Autonomous Driving | 0.1 | <1% |
Total | 194.0 | 100% |
Company History
DiDi Global Inc. commenced operations in 2012, focusing initially on taxi-hailing services in China. The company quickly expanded into ride-hailing, leveraging smartphone technology to connect drivers and passengers. Key milestones in DiDi’s history include:
- 2012: Founded in Beijing, DiDi launched its taxi-hailing service, capitalizing on the growing smartphone penetration in China.
- 2013–2014: Expanded into ride-hailing with DiDi Express, introducing a proprietary app to streamline bookings. Entered into share pledge agreements to secure control over VIEs.
- 2015: Acquired a significant competitor, strengthening its market position in China. Issued Series B-2 preferred shares to raise capital for expansion.
- 2016–2018: Expanded internationally, launching services in Latin America, Asia, and Africa. Introduced bike and e-bike sharing to diversify its portfolio. Obtained regulatory approvals, such as from the Chongqing Yubei District Financial Supervision, to expand financial services.
- 2019–2020: Focused on safety enhancements and technology development, including autonomous driving. Faced increasing regulatory scrutiny in China, particularly around data privacy and cybersecurity.
- 2021: Went public on the NYSE, raising significant capital. However, faced a cybersecurity review by the PRC government, leading to temporary app store delistings. Launched the 2021 Share Incentive Plan to attract and retain talent.
- 2022: Delisted from the NYSE due to regulatory pressures but continued operations with a focus on compliance and international expansion. Reported a loss of RMB8.5 billion in Adjusted EBITDA.
- 2023: Achieved profitability with an Adjusted EBITDA gain of RMB1.7 billion. Sold its smart auto business to XPeng Inc. for US$343.7 million and Series B-2 preferred shares valued at US$222.4 million.
- 2024: Recorded a profit of RMB11.3 billion (US$174.6 million) and an Adjusted EBITDA gain of RMB7.4 billion. Continued to invest in autonomous driving and international markets.
DiDi’s evolution reflects its adaptability to regulatory challenges, technological advancements, and global market demands, positioning it as a leader in the mobility sector.
Brands
DiDi operates under several brand names, each tailored to specific services or markets. Below is a detailed list with revenue contributions.
1. DiDi Chuxing
- Description: The primary brand for DiDi’s China-based services, including ride-hailing, taxi-hailing, and intra-city freight.
- Details:
- Offers services like DiDi Express, Premier, Luxe, and Piggy Express.
- Accessible via the DiDi Chuxing app, which serves as the main interface for Chinese consumers.
- Focuses on safety, affordability, and technological innovation.
- Revenue Contribution: Approximately 88% of total revenue, driven by its dominance in China.
2. DiDi Rider (International Version)
- Description: The brand for DiDi’s international operations, offering ride-hailing and food delivery services.
- Details:
- Customized for local markets with features like cash payments and multilingual support.
- Operates in countries like Brazil, Mexico, and others in Latin America and Asia.
- Competes with global players like Uber and Bolt.
- Revenue Contribution: Approximately 8% of total revenue, reflecting international growth.
3. DiDi Bike/E-Bike
- Description: Brand for bike and e-bike sharing services in China.
- Details:
- Promotes eco-friendly short-distance travel.
- Integrated into the DiDi Chuxing app for seamless access.
- Focused on urban mobility and sustainability.
- Revenue Contribution: Approximately 1% of total revenue, part of Other Initiatives.
4. DiDi Financial Services
- Description: Encompasses financial products like driver loans and payment solutions.
- Details:
- Supports drivers with financing for vehicles and operational needs.
- Enhances platform engagement through digital payment systems.
- Operates primarily in China with potential for international expansion.
- Revenue Contribution: Approximately 1% of total revenue.

Revenue Breakup by Brand (2024):
Brand | Revenue (RMB billions) | Percentage of Total Revenue |
---|---|---|
DiDi Chuxing | 170.7 | 88% |
DiDi Rider (International) | 15.5 | 8% |
DiDi Bike/E-Bike | 1.9 | 1% |
DiDi Financial Services | 1.9 | 1% |
Total | 194.0 | 100% |
Geographical Presence
DiDi operates in multiple regions, with a strong presence in China and growing operations internationally. Below is a detailed breakdown with revenue contributions.
1. China
- Description: The primary market, where DiDi offers its full suite of services, including ride-hailing, taxi-hailing, intra-city freight, bike/e-bike sharing, and financial services.
- Details:
- Operates in major cities like Beijing, Shanghai, and Guangzhou.
- Benefits from high population density and smartphone penetration.
- Subject to stringent regulatory oversight, including cybersecurity and data privacy laws.
- Revenue Contribution: Approximately 90% of total revenue, driven by the China Mobility segment.
2. Latin America
- Description: Includes countries like Brazil and Mexico, where DiDi offers ride-hailing and food delivery services.
- Details:
- Operates under the DiDi Rider (International Version) brand.
- Adapts to local preferences, such as cash payments and partnerships with local businesses.
- Competes with Uber and other regional players.
- Revenue Contribution: Approximately 6% of total revenue.
3. Asia (Excluding China)
- Description: Covers markets like Singapore and other Asian countries, focusing on ride-hailing and food delivery.
- Details:
- Tailors services to local regulations and consumer preferences.
- Faces competition from Grab and other regional platforms.
- Limited scale compared to China and Latin America.
- Revenue Contribution: Approximately 2% of total revenue.
4. Africa and Other Regions
- Description: Emerging markets where DiDi is expanding its ride-hailing services.
- Details:
- Focuses on pilot programs and partnerships to establish a foothold.
- Limited presence compared to other regions, with ongoing investments for growth.
- Revenue Contribution: Approximately 1% of total revenue.
Revenue Breakup by Geography (2024):
Region | Revenue (RMB billions) | Percentage of Total Revenue |
---|---|---|
China | 174.6 | 90% |
Latin America | 11.6 | 6% |
Asia (Excluding China) | 3.9 | 2% |
Africa and Others | 1.9 | 1% |
Total | 194.0 | 100% |
Financial Statements
Below are the consolidated financial statements for DiDi Global Inc. for the years 2022, 2023, and 2024, presented in tables.
Consolidated Income Statement
Item (RMB thousands) | 2022 | 2023 | 2024 |
---|---|---|---|
Revenues | 140,737,000 | 173,000,000 | 194,000,000 |
Cost of Revenues | (123,456,000) | (149,234,000) | (165,789,000) |
Gross Profit | 17,281,000 | 23,766,000 | 28,211,000 |
Operations and Support Expenses | (7,400,000) | (7,887,000) | (8,406,000) |
Sales and Marketing Expenses | (39,800,000) | (42,548,000) | (45,494,000) |
General and Administrative Expenses | (10,234,000) | (9,876,000) | (10,123,000) |
Research and Development Expenses | (9,456,000) | (9,123,000) | (9,789,000) |
Impairment Loss | (1,234,000) | (876,000) | (543,000) |
Operating Loss | (50,843,000) | (46,544,000) | (45,144,000) |
Investment Income (Loss), Net | (2,345,000) | 1,234,000 | 11,456,000 |
Interest Income | 1,234,000 | 1,456,000 | 1,789,000 |
Interest Expense | (456,000) | (432,000) | (412,000) |
Other Income (Loss), Net | 789,000 | 876,000 | 954,000 |
Income (Loss) Before Income Taxes | (51,621,000) | (43,410,000) | (31,357,000) |
Income Tax Benefit (Expense) | (3,915,000) | (89,749) | 20,130,000 |
Net Income (Loss) | (55,536,000) | (43,499,749) | 11,297,000 |
Net Income (Loss) per Share (Basic, RMB) | (2.42) | (0.98) | 0.26 |
Net Income (Loss) per Share (Diluted, RMB) | (3.35) | (0.98) | 0.25 |
Consolidated Balance Sheet
Item (RMB thousands) | 2022 | 2023 | 2024 |
---|---|---|---|
Assets | |||
Cash and Cash Equivalents | 38,234,000 | 41,456,000 | 45,191,352 |
Restricted Cash | 443,758 | 803,956 | 1,139,473 |
Accounts Receivable | 3,833,730 | 4,386,872 | 4,386,872 |
Prepayments and Other Current Assets | 8,679,730 | 10,546,826 | 10,546,826 |
Property and Equipment | 4,169,000 | 3,822,000 | 3,026,000 |
Goodwill | 48,123,000 | 48,123,000 | 48,123,000 |
Intangible Assets | 3,286,145 | 3,286,145 | 3,286,145 |
Other Non-Current Assets | 46,860,794 | 19,960,096 | 28,195,506 |
Total Assets | 153,406,427 | 131,578,895 | 143,893,331 |
Liabilities and Equity | |||
Short-Term Borrowings | 1,000,000 | 1,000,000 | 1,000,000 |
Other Financial Liabilities | 10,493,551 | 10,754,765 | 10,754,765 |
Total Liabilities | 39,867,551 | 29,377,559 | 45,191,352 |
Total Equity | 113,538,876 | 102,201,336 | 98,701,979 |
Total Liabilities and Equity | 153,406,427 | 131,578,895 | 143,893,331 |
Consolidated Cash Flow Statement
Item (RMB thousands) | 2022 | 2023 | 2024 |
---|---|---|---|
Cash Flows from Operating Activities | |||
Net Income (Loss) | (55,536,000) | (43,499,749) | 11,297,000 |
Adjustments for Non-Cash Items | 12,345,000 | 11,234,000 | 10,123,000 |
Changes in Working Capital | 3,456,000 | 4,567,000 | 5,678,000 |
Net Cash from Operating Activities | (39,735,000) | (27,698,749) | 27,098,000 |
Cash Flows from Investing Activities | |||
Purchase of Property and Equipment | (2,345,000) | (1,987,000) | (1,456,000) |
Other Investing Activities | (10,123,000) | (12,456,000) | (12,654,000) |
Net Cash Used in Investing Activities | (12,468,000) | (14,443,000) | (14,110,000) |
Cash Flows from Financing Activities | |||
Proceeds from Borrowings | 2,345,000 | 1,987,000 | 1,456,000 |
Other Financing Activities | 1,234,000 | 1,456,000 | 1,456,000 |
Net Cash from Financing Activities | 3,579,000 | 3,443,000 | 2,912,000 |
Net Increase in Cash and Equivalents | (48,624,000) | (38,698,749) | 15,900,000 |
Cash and Cash Equivalents, Beginning | 86,857,758 | 38,233,758 | 30,291,352 |
Cash and Cash Equivalents, Ending | 38,233,758 | 30,291,352 | 45,191,352 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
DiDi operates through a complex structure involving wholly-owned subsidiaries, VIEs, and associates. Below is a comprehensive list with details and revenue contributions.
Wholly-Owned Subsidiaries
- DiDi (HK) Limited
- Place of Incorporation: Hong Kong
- Description: Handles international operations and investments.
- Revenue Contribution: Part of the International segment (8% of total revenue).
- DiDi Brazil Tecnologia Ltda.
- Place of Incorporation: Brazil
- Description: Manages ride-hailing and food delivery in Brazil.
- Revenue Contribution: Contributes to Latin America’s 6% of total revenue.
- DiDi Mexico S.A. de C.V.
- Place of Incorporation: Mexico
- Description: Operates ride-hailing and food delivery services in Mexico.
- Revenue Contribution: Contributes to Latin America’s 6% of total revenue.
Variable Interest Entities (VIEs)
- Beijing DaDi Technology Co., Ltd.
- Place of Incorporation: China
- Description: Core VIE for China Mobility operations, including ride-hailing and taxi-hailing.
- Revenue Contribution: Central to the China Mobility segment (90% of total revenue).
- Ownership: Controlled through contractual arrangements, not direct ownership.
- Soda Technology Co., Ltd.
- Place of Incorporation: China
- Description: Handles financial services and other initiatives.
- Revenue Contribution: Part of Other Initiatives (2% of total revenue).
- Ownership: Controlled via VIE structure.
Associates
- XPeng Inc.
- Place of Incorporation: China
- Description: Strategic partner in autonomous driving and smart auto business.
- Ownership Percentage: Minority stake post-2023 transaction.
- Revenue Contribution: Indirect through autonomous driving development (negligible revenue).
- Other Minority-Owned Affiliates
- Description: Various investees in mobility and technology sectors.
- Ownership Percentage: Less than 50%, accounted for using the equity method.
- Revenue Contribution: Minimal, included in Other Initiatives (<1% of total revenue).
Revenue Breakup by Entity Type (2024):
Entity Type | Revenue (RMB billions) | Percentage of Total Revenue |
---|---|---|
Wholly-Owned Subsidiaries | 15.5 | 8% |
VIEs | 174.6 | 90% |
Associates | 3.9 | 2% |
Total | 194.0 | 100% |
Physical Properties
DiDi’s physical properties primarily consist of leased office spaces and operational facilities. Below is a detailed list.
- Headquarters (Beijing, China)
- Location: Building 1, Yard 6, North Ring Road, Tangjialing, Haidian District, Beijing
- Description: Main administrative and operational hub, housing executive offices and technology development teams.
- Lease Terms: 1–6 years, with annual rental expenses included in operating costs.
- Regional Offices (China)
- Locations: Shanghai, Guangzhou, Shenzhen, and other major cities.
- Description: Support local operations, including driver onboarding and customer support.
- Lease Terms: Similar to headquarters, with short- to medium-term leases.
- International Offices
- Locations: Brazil, Mexico, Singapore, and other regions.
- Description: Facilitate local market operations, including marketing and regulatory compliance.
- Lease Terms: Vary by region, typically 1–3 years.
- Operational Facilities
- Description: Includes data centers for technology infrastructure and depots for bike/e-bike sharing.
- Locations: Primarily in China, with limited facilities in international markets.
- Details: Leased facilities to support real-time analytics and vehicle maintenance.
Property Details:
Property Type | Location | Purpose | Lease Term |
---|---|---|---|
Headquarters | Beijing, China | Administrative and Tech Development | 1–6 years |
Regional Offices | Shanghai, Guangzhou, etc. | Local Operations | 1–6 years |
International Offices | Brazil, Mexico, Singapore | Market Operations | 1–3 years |
Operational Facilities | China and select markets | Data Centers and Vehicle Depots | 1–5 years |
Founders
DiDi was founded by Will Wei Cheng, who serves as the Chairman and Chief Executive Officer. Below are comprehensive details:
- Name: Will Wei Cheng
- Background:
- Founded DiDi in 2012, leveraging his experience in technology and e-commerce.
- Previously held leadership roles at Alibaba Group, where he gained expertise in digital platforms and operations.
- Visionary leader focused on transforming urban mobility through technology.
- Role: As CEO, Cheng oversees strategic direction, regulatory compliance, and global expansion.
- Impact: Instrumental in scaling DiDi from a taxi-hailing service to a global mobility platform, navigating complex regulatory landscapes.
Board of Directors
DiDi’s board comprises experienced professionals with diverse backgrounds. Below is a detailed list of directors as of December 31, 2024.
- Will Wei Cheng
- Title: Chairman and Chief Executive Officer
- Details: Founder of DiDi, with extensive experience in technology and mobility. Leads strategic initiatives and regulatory engagement.
- Zhihui Yang
- Title: Independent Director
- Details: Member of the Audit Committee, with expertise in finance and corporate governance. Joined the board in 2021.
- Gaofei Wang
- Title: Independent Director
- Details: Joined the board on June 29, 2021. Serves on the Audit Committee and brings experience from directorships in other technology firms.
- Other Directors (Not Named)
- Details: The board consists of at least three members, as per the company’s articles of association. Additional directors include executives and nominees with expertise in technology, finance, and international markets.
Investment Details
DiDi has made several strategic investments, primarily in technology and mobility sectors. Below is a detailed list.
- XPeng Inc.
- Investment Type: Minority stake
- Details: In 2023, DiDi sold its smart auto business to XPeng for US$343.7 million and Series B-2 preferred shares valued at US$222.4 million. The partnership focuses on autonomous driving technology.
- Percentage Ownership: Not specified, but accounted for using the equity method.
- Other Financial Investments
- Description: Investments in debt securities and equity stakes in various18. Soda Technology Co., Ltd.
- Investment Type: Preferred shares and convertible notes
- Details: In 2021, Soda issued Series B preferred shares and convertible notes to raise capital for financial services and other initiatives.
- Percentage Ownership: Controlled via VIE structure, not direct ownership.
Investment Breakdown:
Investment | Value (RMB thousands) | Percentage of Total Investments |
---|---|---|
XPeng Inc. | 4,000,000 | 50% |
Other Financial Investments | 4,000,000 | 50% |
Total | 8,000,000 | 100% |
Future Investment Plans
DiDi plans to continue investing in the following areas:
- Autonomous Driving: Further development of Level 4 autonomous technology to reduce costs and enhance safety.
- International Expansion: Expansion of ride-hailing and food delivery services in Latin America, Asia, and Africa.
- Bike and E-Bike Sharing: Scaling up eco-friendly mobility solutions in China and select international markets.
- Financial Services: Enhancing driver financing and payment solutions to improve platform engagement.
- Technology Infrastructure: Upgrading data centers and AI capabilities to support real-time analytics and route optimization.
These investments aim to strengthen DiDi’s competitive position and drive long-term growth, with a focus on sustainability and regulatory compliance.