Chinese ride-hailing firm Didi Chuxing Technology Co on Thursday said it has raised $4 billion in funds earmarked for expansion overseas and into areas such as artificial intelligence (AI), as it looks to challenge Uber Technologies Inc.
The fundraising values Didi at over $50bn.
Existing investor SoftBank Group participated in the latest funding, a spokesman for the Japanese firm confirmed, declining to specify the size of its investment.
"With a substantial cash reserve, Didi plans to scale up investments in AI talent and technologies," Didi said. The funds would also help Didi "bring more innovative and diversified transportation services to broader communities around the world."
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World's biggest ride-hailer Didi expands in Taiwan
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Didi has expanded overseas rapidly in the past year since sealing its dominance in China with the purchase of Uber's local business in 2016, ending a cash-burning subsidy war that cost the US firm about $2bn.
Earlier this month it was reported that Didi was planning to enter Mexico next year, in what would be its first overseas operation not managed through a local partner.
On Wednesday, Didi announced it was looking at entering the Taiwanese market, and had authorized a franchisee operator to do research there on its behalf.
Didi has also invested in several of Uber's rivals globally, including US-based Lyft, Brazil's 99, India's Ola, Singapore's Grab, Estonia's Taxify and Careem in the Middle East.
Besides SoftBank, investors in Didi's previous funding rounds included Apple and Alibaba.
The Wall Street Journal earlier reported the fundraising had pushed Didi's cash reserves to $12bn from $3.5bn two years prior.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
UAE currency: the story behind the money in your pockets
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
GAC GS8 Specs
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Torque: 400Nm at 1,750-4,000rpm
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The specs
Engine: 2.0-litre 4cyl turbo
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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