Chinese shared-ride giant Didi Chuxing is set to open up markets in Europe, Africa, and the Middle East to compete directly with Uber, according to a report by local media outlet LatePost on Monday.
Didi has recently restructured its international business unit to tap into the European, Middle Eastern, and African markets, appointing new heads of those markets, the report said.
In the third quarter of 2020, Uber's revenue in Latin America, once its second-largest market, fell by 40 percent year-on-year.
Three years after entering Latin America, Didi has taken more than 40 percent of the market, at one point overtaking Uber in Mexico.
Didi has entered 14 countries including Mexico, Brazil, Panama, Australia, New Zealand, and Japan, with the Latin American market contributing the vast majority of orders.
Didi's international market for shared mobility, delivery, and e-payments will grow 3 to 5 times over the next three years, the report said, citing Didi's source.
Didi's delivery service, DiDi Food, has become No. 1 in terms of market share in Mexico, and gross margins have turned positive.
Didi offers food delivery services in more than 160 cities, averaging 200,000 orders a day. The company plans to reach an average of 2 million daily deliveries by 2022.
The conflict between Didi and Uber ended in 2016 when the former acquired Uber China, and to date, Uber holds more than $6 billion worth of Didi stock.
As previously reported by CnTechPost, Didi is targeting a valuation of more than $60 billion for its IPO and will complete its listing on the Hong Kong Stock Exchange in the third quarter.