Chinese ride-sharing firm Didi Chuxing raises another $4Bn funding

Chinese ride-sharing firm Didi Chuxing raises another $4Bn funding

Chinese ride-sharing firm Didi Chuxing raises another $4Bn funding

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.

According to Reuters, the latest investment valued Didi at over $50 billion, and also equips it with the cash needed to aggressively pursue expansion opportunities overseas.

Earlier this month, Reuters reported that Didi will launch in Mexico next year.

The money is meant to support Didi in artificial intelligence capacity-building, worldwide expansion and other new business initiatives, such as the development of new energy vehicle service networks. Didi said on Tuesday that it was looking to bring its ride-hailing service to Taiwan.

Abu Dhabi state fund Mubadala Capital also invested in the funding round, the Wall Street Journal reported, citing sources.

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Beijing-based Didi, which bought Uber's China operations a year ago, has so far raised about US$19 billion in total, the most venture capital ever raised by a startup, according to the report.

Didi however, did not disclose the names of the investors in the round. The company announced the funding without naming the investors.

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

Didi has also invested in Uber's rivals globally, including US-based Lyft, Brazil-based 99 and Singapore-headquartered Grab.

The company said that Chinese and worldwide institutions joined the latest fundraising round but didn't disclose the names of investors participating in the round.

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