On Thursday, Chinese ride-hailing firm Didi Chuxing Technology Co has raised $4 billion in funds earmarked for expansion overseas and into areas such as artificial intelligence (AI), as it is up to challenge Uber Technologies Inc.
The fundraising values Didi at over $50 billion and involved Abu Dhabi state fund Mubadala Capital.
Existing investor SoftBank Group Corp also participated in the latest funding.
With a substantial cash reserve Didi plans to scale up investments in AI talent and technologies. The funds would also help Didi in bringing more innovative and diversified transportation services to broader communities around the world.
Didi has expanded overseas rapidly in the past year since its dominance in China with the purchase of Uber’s local business in 2016. Earlier this month, Didi was planning to enter Mexico next year, which would be its first overseas operation which is not managed through a local partner.
Didi announced that it was looking at entering the Taiwanese market and had authorized a franchisee operator to do research there on its behalf. It has also invested in several of rivals global.
Besides SoftBank, investors in Didi’s previous funding rounds included Apple Inc and Alibaba Group Holding Ltd.