Chinese on-demand transport giant Didi Chuxing to land in Russia

A mobile phone user uses the taxi-hailing and car-service app Didi Chuxing, Feb 22, 2015. [Photo/IC]

The Chinese ride-share giant Didi Chuxing is expected to reach the Russian market soon, said Kirill Dmitriev, CEO of the Russian Direct Investment Fund at the Future Investment Plan Forum held in Riyadh, Saudi Arabia.

Dmitriev revealed the Russian-Chinese Investment Fund, a private equity fund formed by the Russian Direct Investment Fund and China Investment Corporation, invested in Didi Chuxing as early as November last year, but didn't indicate the amount of investment.

"Sovereign fund has a lot of opportunities to invest in technology companies such as China's car-hailing service provider Didi, which we have invested in. We expect Didi will land in the Russian market soon through investment in a local player, " Dmitriev said, according to a report by Sina citing Russian media Sputnik.

Didi Chuxing covers about 400 million users in more than 400 Chinese cities, accounting for 80 percent of China's private car-hailing market and 99 percent of the taxi preorder market, as reported by Sina.

The company completed a financing round of over $5.5 billion at the end of April to support its global strategy and continued investments in artificial intelligence, according to the official website of Didi Chuxing.

Didi intends to continue to work with global communities and partners to offer more innovative mobility services, and expand smart urban transportation programs to build an efficient and sustainable global mobility ecosystem, Xinhua reported, citing a statement by the company.

Didi has entered markets in Europe, Africa, the Middle East and Brazil in partnership with local companies as a strategic move to intensify its overseas markets, according to the company's website. The company also launched Didi Labs in Mountain View, California earlier this year to attract more talent and explore new investment opportunities.

The Russian-Chinese Investment Fund was established by the Russian Direct Investment Fund and China Investment Corporation in 2012 and it was aimed to strengthen bilateral economic cooperation between China and Russia and realize profitable returns after risk adjustment.