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

Dec 22, 2017, 00:56
China ride-sharing firm Didi raises $4bn for global push

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.

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