China's Ride-Sharing App Didi Raises $4 Billion in New Funding

by Linda Olson December 23, 2017, 0:17
China's Ride-Sharing App Didi Raises $4 Billion in New Funding

Didi said that the latest round of funds would help it expand into worldwide markets, as well as development of artificial intelligence technology and its green transport initiative.

Ride-hailing service Didi Chuxing, China's rival to Uber, has raised $4 billion in a new round of funding to support a range of initiatives including global expansion and new business initiatives. While the company has focused on shoring up its grip on ride-sharing in China, it has started to look beyond the mainland and is turning to franchising in Taiwan.

The investment would extend Didi's valuation to $56bn.

The identities of the investors were not disclosed, though Didi did note in a statement that "in a testament to strong investor confidence in the strategic vision".

The two companies have been in a slow-moving war for years.

The ride-hailing firm said that "there is no definitive timeline" on expansion to the region. Didi also holds investments in Taxify, which operates in Europe and Africa, Brazil-based 99, as well as US-based Uber rival Lyft.

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Mubadala on Thursday declined to say whether it had participated or not in the latest fundraising.

The company in April raised $5.5 billion from several investors, with Softbank providing $5 billion.

Chinese and worldwide institutions participated in the latest fundraising round.

Three of the five most valuable startups on the planet - Didi, smartphone maker Xiaomi and Meituan-Dianping - are now Chinese, according to data from CB Insights.

Its other tech investments include GlobalFoundries, a semiconductor manufacturer, UAE-based satellite company Yahsat, and a stake in Dubai telecom operator du.

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