China's Ride-Sharing App Didi Raises $4 Billion in New Funding
22 December, 2017, 00:54 | Author: Regina Lloyd
The ride-hailing company has received $4 billion in new funding from investors, increasing its valuation to $56 billion. The move is seen as posing a challenge to United States rival Uber as the Chinese company looks to expand overseas. While the company has focused on shoring up its grip on ride-sharing in China, it has started to look beyond the mainland and is turning to franchising in Taiwan.
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.
Three of the five most valuable startups on the planet - Didi, smartphone maker Xiaomi and Meituan-Dianping - are now Chinese, according to data from CB Insights.
The latest round of funding values the company at around $56bn.
"We will also embark on initiatives in building new energy vehicle service networks, as part of the company's efforts to lead the transformation of automobile and transportation industries and work towards global energy interconnection" the company added.
Didi however, did not disclose the names of the investors in the round.
In April, Didi raised $5.5 billion from SoftBank and others.
Existing investor SoftBank Group Corp also participated in the latest funding, a spokesman for the Japanese firm confirmed, declining to specify the size of its investment.
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