Uber’s China rival Didi Chuxing raises funds

Qilai Shen | Bloomberg | Getty Photos

The fee affirmation web page is displayed on the Didi Chuxing utility on this organized taken in Shanghai, China, on Sunday, Might 22, 2016.

China‘s ride-hailing big Didi Chuxing has raised over $four billion in its newest spherical of funding, the company said on Thursday, posing a problem to its U.S. rival Uber in its efforts to department out abroad.

The newest funding values Didi at over $50 billion, based on Reuters, and equips it with the money wanted to aggressively pursue growth alternatives overseas.

Earlier this month, Reuters reported that Didi will launch in Mexico subsequent 12 months. The transfer would mark Didi’s first growth of its companies past China.

On Tuesday, Didi said it was it was seeking to convey its ride-hailing service to Taiwan.

Didi stated it intends to make use of the proceeds to “scale up investments in AI (synthetic intelligence) expertise and applied sciences, to additional construct up its clever driving and sensible transportation capabilities, and to convey extra modern and diversified transportation companies to broader communities world wide.”

Didi stated the fundraising attracted each Chinese language and worldwide buyers.

Softbank of Japan stated in an e mail to CNBC that it participated within the funding. The corporate didn’t disclose how a lot it invested.

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