Uber rival Didi Chuxing gets $4 bn from SoftBank, others for global expansion
Chinese ride-hailing service Didi Chuxing Technology Co has raised $4 billion in a new funding round, the firm said on Thursday, boosting its war chest as it looks to expand overseas and intensify a challenge to Uber Technologies Inc.
The fundraising will help fuel the firm’s global expansion plans as well as help it develop its business into areas like artificial intelligence (AI), Didi said.
The round values the firm at over $50 billion and pre-existing investor SoftBank Group Corp is a participant, a person familiar with the deal told Reuters. SoftBank did not immediately respond to a request for comment.
“With a substantial cash reserve, Didi plans to scale up investments in AI talent and technologies,” Didi said in a statement.
The funds would also help the firm “bring more ...