Ride-hailing Giant Didi Chuxing Secures USD 4 Bln in New Funding
DiDi Chuxing, 12/21/17
Didi Chuxing, operator of Chinese mobile taxi booking and car hire apps Didi Chuxing and Kuaidi Dache, has announced the completion of a new equity funding round of over USD 4 bln to support AI capacity-building, international expansion, and new business initiatives, including the development of new energy vehicle service networks.
Chinese and international institutions joined the latest fundraising round.
With a substantial cash reserve, Didi Chuxing plans to scale up investments in AI talent and technologies, to further build up its intelligent driving and smart transportation capabilities, and to bring more innovative and diversified transportation services to broader communities around the world. The compnay 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.
Editor's Note: Investors in Didi Chuxing's new round of funding include UAE sovereign wealth fund Mubadala Development and Japan's SoftBank, reports Chinese online news site Caijing citing a source close to the deal. The source added that after the current round of financing, Didi Chuxing will be valued at about USD 56 bln and its cash reserves will come to nearly USD 12 bln. For more information on these topics, please see "SoftBank Confirms Planned USD 5 Bln Investment in Didi Chuxing," MD 5/10/17, and "Update: Didi Chuxing Raises USD 5.5 Bln in New Funding," MD 4/28/17 issues.
Keywords: VC Mubadala automobile funding wireless Softbank Didi Chuxing car hire app taxi booking app valuation
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