Episode 31: The Uber - Didi Chuxing Merger with Brad Stone, author of The Upstarts & The Everything Store

Topics covered include:

• The global surge in 2012 of entrepreneurs starting ridesharing companies, nowhere moreso than China • Didi CEO Cheng Wei and investor Wang Gang’s backgrounds at Alibaba, first entrepreneurial effort in Momo, and Momo’s pivot to Didi Dache • The culling of the ridesharing herd in China down to Didi Dache and Kuaidi Dache through brutal competition and involvement of the “big three” Chinese internet companies • Rise of the Chinese messaging apps and associated mobile payments, and their impact on ridesharing • The 2015 merger between Didi and Kuaidi, brokered in part by Russian VC Yuri Milner • Uber’s decision to enter the Chinese market, and early success with investment and support from Baidu • The first meeting between Uber CEO Travis Kalanick and Cheng Wei in 2015— which does not go well • Subsequent “scorched earth” competition between Didi and Uber throughout 2015-16 • Negotiating an armistice: Uber’s agreement to sell its Chinese operations to Didi in late 2016 • End of the war, or just the beginning? January 2017: Didi invests $100M in Brazilian Uber competitor 99 • Sustainable growth, and building moats versus scorching earth

Sponsors:

ServiceNow: https://bit.ly/acqsnaiagents Huntress: https://bit.ly/acqhuntress Vanta: https://bit.ly/acquiredvanta

Followups:

• Stay tuned for real-time coverage of the Snap IPO coming here on Acquired!

The Carve Out:

• Ben: Taming the Mammoth • on Wait But Why • David: Conversations with Tyler • Podcast by Tyler Cowen, co-author of the Marginal Revolution • blog • Brad: Yuval Noah Harari (author of Sapiens • )’s new book, Homo Deus: A Brief History of Tomorrow

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Release date

Lydbog: 1. marts 2017