China's Didi said to be worth $56B after raising more cash

China's Didi said to be worth $56B after raising more cash
China's Didi said to be worth $56B after raising more cash
Author

23 December, 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.

Didi says it will invest the fresh injection of capital into boosting its artificial intelligence capacity, overseas expansion and new-energy vehicle service networks.

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

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 US ride-hailing app operator Uber Technologies.

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

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The deal came after the People's Bank of China, the nation's central bank, said previous year that it would control the number of third-party payment licenses issued, making them highly sought-after.

The company declined to disclose the identity of its newest investors, and in a statement on its website, said just this: "Chinese and global institutions joined the latest fundraising round".

"So far Mubadala has invested US$4-5 billion with Softbank as part of the Vision Fund", a Mubadala spokesperson told The National.

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.


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