Didi Chuxing Completes $4 Bln Equity Funding Round

Uber's Asian rival now worth $50bn after fresh $4bn fundraising round

Didi Chuxing, China's top ride-sharing company, announced earlier today that it has raised US$4bn thanks to a new round of funding, and is now valued at US$56bn.

According to Reuters, the latest investment valued Didi at over $50 billion, and also equips it with the cash needed to aggressively pursue expansion opportunities overseas.

The deal will give Didi a license to conduct online-payment business, enabling it to enter an industry dominated by its investors Alibaba Group Holding Ltd and Tencent Holdings Ltd. Didi made the investment through its wholly owned subsidiary Shanghai Shiyuan Technology.

On Tuesday, Didi said it was it was looking to bring its ride-hailing service to Taiwan.

Save money on the purchase of a digital Google Play gift card
We're not expecting the worst to happen but it's good to know the two are teaming up to bring Prime Video to Android TV devices. Play Services is also responsible for storing valuable user information such as account passwords, private themes and so on.

The identities of the investors were not disclosed, though Didi did note in a statement that "in a testament to strong investor confidence in the strategic vision".

In a very brief statement announcing the funding, Didi said that "Chinese and global institutions joined the latest fundraising round".

The two companies have been in a slow-moving war for years. Didi also holds investments in Taxify, which operates in Europe and Africa, Brazil-based 99, as well as US-based Uber rival Lyft.

The deal came after the People's Bank of China, the nation's central bank, said a year ago that it would control the number of third-party payment licenses issued, making them highly sought-after. Tech giant SoftBank is close to buying a 13.4% stake in Uber at a steep discount - the investment would value Uber at about 20% less than the $68 billion that investors thought it was worth in its most recent funding round past year.

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