China’s Didi cashes up to go global in next stage of Uber battle

FILE PHOTO: A woman works at the reception of ride-hailing company Didi Chuxing at its headquarters in Beijing, China, May 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo

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 US$4bil (RM16.31bil). That pushed its valuation to about US$56bil (RM228.43bil) and lifts cash reserves to US$12bil (RM48.95bil), 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.