Deals
China's Didi Cashes Up to Go Global in Next Stage of Uber Battle
- It’s said to be valued at $56 billion after $4 billion round
- SoftBank joined financing, Mubadala said to take part as well
The Didi Chuxing application.
Photographer: Qilai Shen/This article is for subscribers only.
Didi Chuxing has scored another investment from SoftBank Group Corp. in a massive funding round that will bankroll the Chinese ride-hailing leader’s exploration of new markets and technologies.
Didi said it’s secured new financing of more than $4 billion. That pushed its valuation to about $56 billion and lifts cash reserves to $12 billion, people familiar with the matter said, asking to not be identified as the details are private. The five-year-old company now intends to expand internationally as well as develop self-driving and electric vehicle systems, it said in a statement.