The US parent company of Booking.com has invested $500 million in Didi Chuxing as the Chinese ride-hailing app looks to enter new markets. DiDi, which is expected to launch an IPO some time in the future, is currently valued at $56 billion.
The investment was announced in a joint statement from the two companies but details of the deal were not disclosed.
Booking Holdings, which changed its name from Priceline earlier this year, said users will be able to hail Didi cars in its apps as part of the “strategic partnership”. Likewise, DiDi customers will have the option to book hotels through Booking.com or agoda.
Stephen Zhu, vice president for strategy of Didi Chuxing, said:
“Building on its leadership and expertise in the global online travel market, Booking is championing a digital revolution of travel experience. We look forward to seamlessly connecting every segment of the journey and improving everyone’s travelling experience through more collaborative innovation with the Booking brands on product, technology and market development.”
Todd Henrich, SVP and head of corporate development for Booking Holdings, added:
“DiDi has clear advantages in technology and scale in the shared mobility industry. We believe that together we can offer smarter transportation services to our brands’ customers, and help DiDi’s customers with seamless access to the products and services the brands in our company provide throughout the world.”
In addition to Booking.com and agoda.com, Booking Holdings also operates the KAYAK, priceline, Rentalcars.com and OpenTable brands.