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

Didi Chuxing's new fundraising round reportedly gives it a valuation of $56 billion. Jason Lee  Reuters

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

Didi said it plans to use the funds to accelerate the development of artificial intelligence in areas such as big data analysis, to expand its overseas operations and to build a transportation network with "new energy vehicles", as electric vehicles and plug-in hybrids are called in China. The company announced the funding without naming the investors.

Uber and Didi compete in each region of the world, including the Middle East, after the Chinese company signed a partnership with UAE-based ride-sharing firm Careem in August.

Didi's latest valuation includes its acquisition of Uber's China operations, which it bought a year ago following a fierce battle between the rivals that was losing both companies money.


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

Existing investor SoftBank Group Corp also participated in the latest funding, a spokesman for the Japanese firm confirmed, declining to specify the size of its investment.

While dominant in China, the company's dealings across borders are limited to stakes in a global network of Uber competitors, such as Lyft in the US, Ola in India and Taxify in Europe.

The investment firm entered the tech sector in 2007 with an investment in semiconductor maker Advanced Micro Devices.

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