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China's Ride-Sharing App Didi Raises $4 Billion in New Funding

22 December, 2017, 00:54 | Author: Samuel Sharp
  • China's Didi raises $4 bn to fund global turf war with Uber

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.

The funds would also help Didi "bring more innovative and diversified transportation services to broader communities around the world".

The latest investment will go towards supporting the company's "AI capacity-building, worldwide expansion, and new business initiatives, including the development of new energy vehicle service networks", according to a brief statement by the company.

According to CNBC, Softbank said it had invested, but did not disclose the amount. Investors in the company include SoftBank Group Corp. and Abu Dhabi's Mubadala Capital, the Journal reported.

The investment would extend Didi's valuation to $56bn.


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

It has also teamed up with overseas competitors, including Lyft in the U.S., Grab in Singapore, Ola in India, Taxify in Estonia and Careem in the United Arab Emirates.

Last month, Uber was said to be worth $54 billion.

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 worldwide investors involved in the latest financing.

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