With SoftBank’s investment in Uber, the ride hailing app can no longer claim its long-held title of world’s most valuable startup.
On Friday, SoftBank closed its deal to buy a 15% stake in Uber, valuing the company at $48 billion—or 30% lower than previously. That comes after a year of troubles for Uber, including infighting, sexual harassment allegations, and the ouster of former CEO Travis Kalanick.
Uber has cedes the most valuable title to another ride-hailing rival founded in its wake: Beijing-based Didi Chuxing, which jumped into the scene in 2012 and muddied Uber’s plans to enter China. According to CBInsights, investors assigned Didi a valuation of about $56 billion, as part of a $4 billion investment from SoftBank in December.
Uber has ceded its place to Didi in the past—mainly in 2016, when Uber surrendered in China amid intense competition, and decided to merge its China business with Didi in a $35 billion deal. Previously, Kalanick had called China Uber’s “number one priority.”
Still Uber has continued to pursue its international ambitions, operating in Africa and in other Asian nations. Though that may change, with SoftBank reportedly wanting Uber to focus on its core markets in the U.S., Europe, in Latin America, the Financial Times reported.
At the same time, Didi has been trying to enter new markets, including agreeing to acquire control of control of Brazilian ride-hailing firm 99 as part of a move into Latin America.
Chinese companies are also rapidly becoming unicorns—tech lingo for startups valued at $1 billion or more—with three of the five most valuable coming from China, according to CBInsights.