Didi Chuxing secures $4bn to fund global expansion

Uber's Asian rival now worth $50bn after fresh $4bn fundraising round

Didi Chuxing, a Chinese Rival to Uber, Raises $4 Billion

China's ride-hailing unicorn Didi Chuxing has completed its second multi-billion funding round in eight months, as the company looks to expand into several new business areas, Caixin reports.

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.

"With a substantial cash reserve, DiDi plans to scale up investments in AI 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".

Since its inception in 2012, Didi has become China's top ride-hailing service by merging with a major domestic rival and buying the Chinese operations of USA ride-hailing app operator Uber Technologies.

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.

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The identities of the investors were not disclosed, though Didi did note in a statement that "in a testament to strong investor confidence in the strategic vision".

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

According to the Wall Street Journal, Japan's SoftBank Group and Abu Dhabi state fund Mubadala Development Co. participated in the latest funding round.

The new investment will also help Didi to challenge its rival Uber.

According to Didi the fundraising attracted both Chinese and worldwide investors.

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