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China's Didi raises $4 bn for global push; new round values firm at $56 bn

It will be used to fuel Didi's global expansion and support new developments in artificial intelligence and new energy vehicles

AFP | PTI  |  Shanghai 

Didi Chuxing, China
Photo: Reuters

Chinese ride-sharing firm Chuxing said on Thursday it had raised $4 billion from investors, months after a funding round that made it Asia's most valuable start-up, as it presses on with a global battle with US giant

contributed to the huge pot, which will be used to fuel Didi's global expansion and support new developments in and new energy vehicles, the company said in a statement.

Didi, which bought Uber's operations last year, has nearly half a billion users around the world and handles up to 25 million rides per day. It will see its valuation rise to $56 billion, sources close to the matter told AFP.

It became Asia's most valuable startup in April with a valuation of $50 billion after its previous round of fundraising.

and have been fighting a global turf war since bought out the US firm's operations.

Didi has been battling for market share with by working with local firms through investment or partnership, including Southeast Asia's Grab, India's Ola, US-based Lyft, and Europe's Taxify.

Bloomberg News reported in October that Didi was also in talks with Japanese to provide riding services for Chinese tourists in

Japanese telecoms giant Softbank, which already has stakes in the Chinese firm, is among the backers in the latest fundraising round along with Abu Dhabi's Mubadala Capital, the sources said.

More than 260,000 electric vehicles are running on Didi's network now and the firm has also set up a joint venture to build its own charging networks, the firm's chief executive said last month.

First Published: Thu, December 21 2017. 15:44 IST