Didi Chuxing Completes $4 Bln Equity Funding Round

Posted December 23, 2017

Didi Chuxing, China's biggest ride-hailing app, raised $4 billion in a new funding round to develop artificial intelligence and fuel its worldwide expansion, the Wall Street Journal reported.

The latest investment values Didi at over US$50 billion, according to Reuters, and equips it with the cash needed to aggressively pursue expansion opportunities overseas.

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 on Tuesday that it was looking to bring its ride-hailing service to Taiwan.

The deal will give Didi a license to conduct online-payment business, enabling it to enter an industry dominated by its investors Alibaba Group Holding Ltd and Tencent Holdings Ltd. Didi made the investment through its wholly owned subsidiary Shanghai Shiyuan Technology.

Didi however, did not disclose the names of the investors in the round.

Didi Chuxing announced in August that it is backing Uber's Estonian rival Taxify with financial investment and support on technology developments.

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.

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

In late November, Mubadala CEO Khaldoon Al Mubarak told CNBC his firm invested in SoftBank's $93 billion Vision Fund - the largest tech fund ever put together - which is also pouring cash into Chinese companies.