Didi com­pletes over $5.5b fi­nanc­ing round

China Daily (Canada) - - NEWS CAPSULE -

Chinese ride-hail­ing app Didi Chux­ing an­nounced that it had com­pleted a new fi­nanc­ing round of more than $5.5 bil­lion to sup­port its global strat­egy and con­tin­ued in­vest­ments in ar­ti­fi­cial in­tel­ligence (AI).

The round was said to have raised the four-year-old startup’s val­u­a­tion to about $50 bil­lion, up from a pre­vi­ous $34 bil­lion af­ter its ac­qui­si­tion of Uber’s China business, ac­cord­ing to Bloomberg. Uber’s cur­rent val­u­a­tion is $69 bil­lion.

Didi did not dis­close who took part in the lat­est fund­ing, but Bloomberg re­ported that Peo­ple fa­mil­iar with the mat­ter said ear­lier that the in­vestors would in­clude SoftBank Group Corp.

Reg­is­tered users and drivers on the Didi plat­form ex­ceed 400 mil­lion and 17.5 mil­lion re­spec­tively, cov­er­ing 400 cities in China. Didi plans to ex­tend ser­vices to 3,000 cities and coun­ties in China this year.

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