Chinese ride-sharing firm Didi raises US$4bn

Todd Singleton
December 23, 2017

Didi Chuxing, China's biggest ride-hailing app, raised $4 billion in a new funding round to develop artificial intelligence and fuel its global expansion, the Wall Street Journal reported.

According to Reuters, the latest investment valued Didi at over $50 billion, and also equips it with the cash needed to aggressively pursue expansion opportunities overseas.

On Thursday, Bloomberg reported that Didi is set to turn its attention to the Taiwanese franchise market, while earlier this month Reuters said it plans to expand into Mexico during the course of next year.

According to Didi it meant to use the proceeds to "scale up investments in AI (artificial intelligence) talent and technologies, to further build up its intelligent driving and smart transportation capabilities, and to bring more innovative and diversified transportation services to broader communities around the world".

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Li Chao, a senior analyst at market research company iResearch, said it is a natural move for Didi to enter the internet finance sector, as the company processes a huge amount of data every day. People familiar with the matter told the Wall Street Journal that Softbank and the UAE state fund Mubadala Investment participated in the latest round.

Didi's latest valuation includes its acquisition of Uber's China operations, which it bought past year following a fierce battle between the rivals that was losing both companies money.

The latest round of funding values the company at around $56bn. Didi also holds investments in Taxify, which operates in Europe and Africa, Brazil-based 99, as well as US-based Uber rival Lyft.

Other reports by Free-Prsite

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