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China’s ride-sharing platform Didi Chuxing Technology Co. has raised USD 4 billion in its latest round of funding, according to people familiar with the matter. Investors of the Beijing-based ride-sharing app, which is expected to list next year, include Japanese tech giant SoftBank Corp. and Mubadala Capital, a Abu Dhabi state fund, these people said. The new money is earmarked for artificial intelligence efforts and international expansion. Didi carries a valuation of more than USD 50 billion, making it one of Asia’s largest startups, according to people familiar with the matter. The company also now has USD 12 billion in cash reserves, including the latest investment, up from USD 3.5 billion two years ago, these people said. Some of the money Didi raised will go toward building out an electric car charging network. Didi has said more than 260,000 cars on Didi’s platform are electric and the company aims to increase that number to 1 million by 2020. Read Original Article |
