China's Didi Chuxing Raises $4 Billion in New Funding, WSJ Says

Didi_Chuxing

Didi Chuxing raises $13 billion in fresh round

China's ride-sharing platform Didi Chuxing Technology Co. has raised $4 billion in a new round of funding that will help the company with intermetal expansion and technology developments.

The injection gives Didi US$12 billion in cash reserves and a valuation of US$56 billion, sources were quoted as saying.

Reuters reported earlier this month that Didi would launch in Mexico next year, marking Didi's first expansion of its services beyond China.

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".

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. Didi said in a statement.

After reporting larger profits than United States rival Uber in its home region past year, Didi has expanded its global network in 2017 by investing in companies such as Lyft in the USA, 99 in Latin America, Taxify in Europe, Careem in the Middle East, Ola in India and Grab in Southeast Asia.

In an email to CNBC, Softbank of Japan said that it participated in the funding, but did not disclose the amount it had invested.

Abu Dhabi's Mubadala Investment and Japanese telecoms firm Softbank participated in Didi's $5bn funding round in July, and were widely reported to be among the worldwide investors involved in the latest financing.

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

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