Didi Chuxing raises another $4 billion to fund global ambitions
00:20, Dec 23, 2017
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Competition in China's booming mobile payment market is set to intensify, after Didi Chuxing, the country's largest ride-hailing company, acquired a much-coveted license to enter the internet finance sector.
"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", Didi Chuxing said in a statement".
Didi said that the latest round of funds would help it expand into global markets, as well as development of artificial intelligence technology and its green transport initiative. Existing investors in the company include Apple, Tencent and Alibaba.
The investment would extend Didi's valuation to $56bn.
Didi however, did not disclose the names of the investors in the round.
The ride-hailing firm said that "there is no definitive timeline" on expansion to the region.
Didi has also invested in Uber's rivals globally, including US-based Lyft, Brazil-based 99 and Singapore-headquartered Grab.
Last month, Uber was said to be worth $54 billion.
Didi's partnership with Careem, which gave it an undisclosed shareholding in the Middle East's first tech "unicorn", gives Careem access to the Chinese firm's deep expertise in areas such as artificial intelligence and worldwide markets, as Careem seeks to develop its product and further expand its geographic reach.
A group of Chinese and overseas investors pumped $4 billion into Didi during the latest financing round, which was led by Japanese telecom giant SoftBank Group, Abu Dhabi's state fund Mubadala Capital and China's state-owned utility State Grid Corp, sources close to the deal told Caixin.
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