Growth is falling short of internal targets at Didi Chuxing, the world’s biggest ride-hailing company. That has added urgency to its efforts to generate new revenue by diversifying into car insurance, maintenance, car sales and consumer loans.
Didi, valued at $56 billion last December, has scaled back this year’s internal targets for year-on-year growth in rides in China to 50% from 70%, The Information has learned. The company’s struggles to meet its targets, two years after defeating Uber in China, highlight growing challenges facing one of China’s most valuable startups. The murder of a passenger earlier this year has affected one of Didi’s main ride-hailing services, even as competition has intensified with the entry of Meituan into the market.