Didi Chuxing secures $4bn to fund worldwide expansion

Didi Chuxing secures $4bn to fund international expansion

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

On Thursday, Bloomberg reported that Didi is set to turn its attention to the Taiwanese franchise market, while earlier this month Reuters said it plans to expand into Mexico during the course of next year.

As the ride-hailing firm takes on Uber, it looks to be teaming up with the U.S. ride-hailing firm's global rivals.

On Wednesday, Didi announced it was looking at entering the Taiwanese market, and had authorized a franchisee operator to do research there on its behalf.

The latest round of funding values the company at around $56bn.

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.

The identities of the investors were not disclosed, though Didi did note in a statement that "in a testament to strong investor confidence in the strategic vision".

Investors in the latest round of funding are existing investor SoftBank, and Abu Dhabi state fund Mubadala Capital, although the latter's participation was not verifiable.

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

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