Chinese Ride-Hailing Biz Didi Snags $4B From Investors

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

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.

The new injection of cash gives Didi a staggering valuation of $56 billion, according to a person familiar with the deal.

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 worldwide expansion and green vehicle initiative.

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On Tuesday, Didi said it was it was looking to bring its ride-hailing service to Taiwan.

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

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

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The names of the investors have yet to be disclosed, though sources have told Chinese financial news outlet The Economic Observer that investors include the Japanese tech giant SoftBank Corp. and Mubadala Capital, an Abu Dhabi state fund. Didi also holds investments in Taxify, which operates in Europe and Africa, Brazil-based 99, as well as US-based Uber rival Lyft.

The company in April raised $5.5 billion from several investors, with Softbank providing $5 billion.

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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