How did Didi beat Uber in China? Founder Cheng Wei built his ride sharing app from the ground up – now he’s a billionaire
- He did a stint at Jack Ma’s Alibaba and got US$15 million in funding from Tencent for Didi – now he’s worth US$1.2 billion at the age of just 38
- The biggest ride sharing app in China recently made its US stock market debut, but came under investigation by China’s cyberspace administration
Most of us are familiar with the likes of Grab and Uber for ride-hailing and sharing, but in China, Didi Chuxing is the ride hailing platform of choice, with a whopping 90 per cent share of the market. As a result, Cheng Wei, the company’s 38-year-old founder, is believed to have a net worth of US$1.2 billion, according to Forbes.
The platform recently took a hit: after debuting in the American stock market, offering the largest IPO in New York this year, it swiftly came under investigation by China’s cyberspace administration. The app was even removed from app stores, and new user registration ground to a halt.
But despite this setback, Cheng has enjoyed huge success with the company over the years, making him one of the wealthiest and most influential CEOs in China. So just how did he do it?