China ride-sharing firm Didi raises $4bn for global push

Dec 22, 2017, 00:56

China's ride-hailing giant Didi Chuxing has raised over $4 billion in its latest round of funding, the company said on Thursday, posing a challenge to its US rival Uber in its efforts to branch out overseas.

The latest round of funding for Didi, the world's largest ride-sharing company, comes as it looks to step up competition with Uber around the world.

The latest investment will go towards supporting the company's "AI capacity-building, global expansion, and new business initiatives, including the development of new energy vehicle service networks", according to a brief statement by the company.

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.

"With a substantial cash reserve, Didi plans to scale up investments in AI talent and technologies", Didi said in a statement.

The ride-hailing firm said that "there is no definitive timeline" on expansion to the region.

The names of the investors have yet to be disclosed, though sources have told Chinese financial news outlet The Economic Observer that investors include the Japanese tech giant SoftBank Corp. and Mubadala Capital, an Abu Dhabi state fund. Didi also holds investments in Taxify, which operates in Europe and Africa, Brazil-based 99, as well as US-based Uber rival Lyft.

Last month, Uber was said to be worth $54 billion.

YOU MIGHT ALSO LIKE
  • Kim Jong Un 'is testing missiles tipped with deadly anthrax', report claims

    Kim Jong Un 'is testing missiles tipped with deadly anthrax', report claims

    North Korea's leader has repeatedly infuriated world leaders by carrying out a variety of illegal nuclear tests. He was believed in some quarters to still be China's favored ruler of North Korea .
    Panthers owner Jerry Richardson stepping aside, effective immediately

    Panthers owner Jerry Richardson stepping aside, effective immediately

    The last team sold was the Buffalo Bills for $1.4 billion to Terry Pegula in 2014, Forbes Magazine reported a year ago . But Wilks, an African-American, said this of a racial slur allegedly used by Richardson towards a team scout.
    Pennsylvania Sen. Bob Casey calls on Congress to reauthorize CHIP funding

    Pennsylvania Sen. Bob Casey calls on Congress to reauthorize CHIP funding

    The number of California children who receive health insurance through CHIP would be sufficient to fill 10 Rose Bowls, said H.D. CHIP was created to give states flexibility, in hopes that children would have access to a variety of health care options.
  • President commutes sentence of former slaughterhouse executive

    President commutes sentence of former slaughterhouse executive

    In 2011, an appeals court ruled against his petition, and in 2012 The US Supreme Court refused to hear his appeal of that ruling.
    High Bridge, County Garden Club take part in Wreaths Across America

    High Bridge, County Garden Club take part in Wreaths Across America

    Families are welcome to take the wreaths home, he noted, or leave them to be removed by volunteers after the New Year. More than 170 companies helped deliver more than 350 loads of wreaths, including Gully Transportation of Quincy.
    Senate's Latest Move Marks Win for Manufacturers With Ex-Im Bank

    Senate's Latest Move Marks Win for Manufacturers With Ex-Im Bank

    Garrett told the committee then to "rest assured that I'm committed to keep the Bank fully open and fully operational, period". White House Legislative Affairs Director Marc Short said in a statement they will "work with the committee on a path forward".
  • Apple admits it slows down older iPhones

    There's no charge if you paid upfront for AppleCare Plus coverage and have a battery Apple thinks warrants replacing. So will the owners of these devices opt for a $79 battery replacement to restore battery life and performance?

    Facebook challenges music streaming giants with Universal Music deal

    The social networking company's deal with Universal Music Group continues to prove why Facebook is having an incredible 2017. Additionally, YouTube aims to crack down on user uploads of copyrighted music on the platform under the deal.
    Cold front arrives early Wednesday with showers overnight — FIRST ALERT FORECAST

    Cold front arrives early Wednesday with showers overnight — FIRST ALERT FORECAST

    But on the positive side, temperatures typically warm by the end of February into the low 30s with overnight lows in the teens. Clouds encroach by late this week as we head into an unfortunately timed soggy weekend that coincides with Christmas.
  • Pence postpones trip to Mideast, citing vote on tax bill

    Pence postpones trip to Mideast, citing vote on tax bill

    John McCain, R-Ariz., was returning to his home state for cancer treatment, leaving Republicans with only 51 votes for the tax bill.
    Sales of existing homes hit highest level in almost  11 years

    Sales of existing homes hit highest level in almost 11 years

    Penobscot County home sales were up 7.83 percent to 468 units and the median sales price rose 2.45 percent to $140,000. Regionally, sales in the Northeast were up 6.7 percent and the regional median price rose 4 percent to $273,600.
    Two Firefighters Injured While Battling Thomas Fire

    Two Firefighters Injured While Battling Thomas Fire

    The Santa Barbara Zoo has about 150 species of animals, including a pair of Amur leopards, a critically endangered species. The humidity levels should also increase during the early part of the week - more help for fire crews, Hoxsie said.
popular