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Didi Chuxing raises another $4 billion to fund global ambitions

23 December, 2017, 00:18 | Author: Abraham Jackson
  • Uber's Asian rival now worth $50bn after fresh $4bn fundraising round

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 worldwide expansion and new business initiatives.

The latest investment gives Didi a valuation of about $50 billion, according to Reuters.

On Tuesday, Didi said it was it was looking to bring its ride-hailing service to Taiwan.

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

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

A group of Chinese and overseas investors pumped $4 billion into Didi during the latest financing round, which was led by Japanese telecom giant SoftBank Group, Abu Dhabi's state fund Mubadala Capital and China's state-owned utility State Grid Corp, sources close to the deal told Caixin.

The company, which has announced plans to expand internationally earlier this year, establishing an worldwide arm in February.

Didi Chuxing announced in August that it is backing Uber's Estonian rival Taxify with financial investment and support on technology developments. Tech giant SoftBank is close to buying a 13.4% stake in Uber at a steep discount - the investment would value Uber at about 20% less than the $68 billion that investors thought it was worth in its most recent funding round a year ago.

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