Chinese ride-hailing company Didi has revealed a $1.6 billion net loss for 2020

The company will continue to as move ahead with plans for a US initial public offering.

In its first public filing for the IPO the company listed an offering of $100 million.

The company has been considering seeking a valuation of around $70 billion.

Didi has expanded into 15 countries but most of its revenue still comes from its China mobility business.

Didi promises to improve its payment process for drivers, as well as fares for users.

In a statement, Didi said drivers normally receive around 79 percent of what customers pay, but occasionally this will drop below 70 percent.

This follows growing criticism around the company’s operations.

Didi says it will “try its best” to prevent further cases from happening in the future.

“Our platform is huge, but our capability is not enough,” Didi said in the statement. The company also said it welcomes criticism and supervision from the public.

“We still have a long way to go to ensure passengers can afford rides and drivers can enjoy steady growth in their incomes.”

DIDI RIDE-SHARING PLATFORM IN A RECENT STATEMENT

Mounting consumer pressure

Consumers have been questioning why users of the rideshare service are paying more for fares and drivers are making less.

This has also led to a push for regulators to take action.

Didi says, “We still have a long way to go to ensure passengers can afford rides and drivers can enjoy steady growth in their incomes.”

Didi’s increasing profit margins

Didi had a net margin of 3.1% for 2020, according to the statement.

The company has filed confidentially with the U.S. Securities and Exchange Commission for an initial public offering that could raise several billion dollars, Bloomberg News reported in April.

The SoftBank Group Corp.-backed company is stepping up efforts to increase its presence in strategically important sectors like autonomous driving and technologies including artificial intelligence chips.