Chinese ride-sharing firm Didi Chuxing raises another $4Bn funding

Didi_Chuxing

Didi_Chuxing

Didi Chuxing, China's top ride-sharing company, announced earlier today that it has raised US$4bn thanks to a new round of funding, and is now valued at US$56bn.

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

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.

According to Didi it meant to use the proceeds to "scale up investments in AI (artificial intelligence) 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 said the new funding will help support AI capacity-building and development of new vehicle service networks.

Verizon Inks Mobile Streaming Deal with NFL
In its previous deal, exclusivity was seen as crucial for Verizon to attract new wireless customers and keeping existing ones. Verizon operates Yahoo , as well as AOL , which it purchased in 2015, through its Oath Inc. digital subdivision.

The two companies have been in a slow-moving war for years. The two firms declared a stalemate in China a year ago following an exhausting price war, with each company agreeing to invest in each other last August.

Abu Dhabi's Mubadala Investment and Japanese telecoms firm Softbank participated in Didi's $5bn funding round in July, and were widely reported to be among the global investors involved in the latest financing.

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.

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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