China ride-hailing giant Didi raises US$4 bln in fresh funding

China ride-hailing giant Didi raises US$4 bln in fresh funding

China ride-hailing giant Didi raises US$4 bln in fresh funding

The Chinese ride-hailing service Didi Chuxing announced the completion of a new equity funding round of over United States dollars 4 billion.

The latest investment gives Didi a valuation of about $50 billion, according to Reuters.

In a statement, the firm said it 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.

The company has already raised $13 billion from investors including Alibaba, Tencent and Apple, and added that this newest round will go towards developing its artificial intelligence technology, as also global expansion and green vehicle initiative.

Li Chao, a senior analyst at market research company iResearch, said it is a natural move for Didi to enter the internet finance sector, as the company processes a huge amount of data every day.

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

The two companies have been in a slow-moving war for years.

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

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.

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