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Uber might be the most valuable private company in the world, but a slew of Chinese companies are right behind it.
The Chinese startup space is largely dominated by investments from two behemoths: Amazon equivalent Alibaba and internet giant Tencent. The two have driven up valuations of Chinese companies, many of which are similar to startups on the list of American unicorns.
Here are some of the most valuable and powerful startups in China:
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Xiaomi: valued at $46 billion, raised $2.45 billion
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China's largest smartphone maker is the second most-valuable private tech company in the world, trailing only behind Uber. Xiaomi, which means "little rice," has a fervent fan base although its competitor Huawei Technologies has been gaining on the tech startup. Xiaomi is now expanding its cell phone sales outside of China and into emerging markets like Africa, India, and Brazil.
Source: PitchBook
Meituan-Dianping: valuation rumored at $20 billion, funding of at least $2.51 billion
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In a mega-merger in October, Groupon-like startup Meituan merged with Yelp clone Dianping. Meituan had raised about $1 billion, while Dianping raised $1.51 billion.
Chinese startups are fighting over who will control the online to offline experience, and the two companies are going to be working in tandem to help Chinese users book restaurants or local deals.
In November, the WSJ reported that Chinese internet giant Tencent is rumored to be investing $1 billion into the newly merged company, valuing it at $20B.
Source: WSJ
Didi Kuaidi: valuation $16.5 billion, total funding of $4 million
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Valuation: $16.5B
Total funding: $4B
In another merger, Uber's largest Chinese competitor was created in February after two competing apps, Didi Dache and Kuaidi Dache, united in their fight against Uber China. Didi Kuaidi has since made subsequent investments and partnerships in Uber's US rival, Lyft, bringing the fight to two continents.
Source: PitchBook
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