Didi gets b in equity financing

Updated 2017-12-22 10:30:20 shine.cn

China's leading ride-hailing company Didi Chuxing managed to attract billion funding from domestic and overseas investors, months after a funding round that made it Asia's most valuable startup, as it presses on with a global battle with U.S. giant Uber.

The new equity funding would be used to support the company's building of artificial intelligence capacity, and new business initiatives, including the development of new energy vehicle service networks.

Last month, Didi said it has set up a joint venture with the Global Energy Interconnection Development and Cooperation Organization to build its own electric vehicle charging systems to serve its own fleet as well as private and public vehicles. Didi said in an e-mailed statement that it aims to build new energy vehicle services and systems that face the next generation of transport and mobility solutions to support sustainable development.

The names of the investors were not disclosed, and Didi is already backed by technology giants including Apple, Alibaba and Tencent as well as state-backed institutions such as China Life Insurance and Ping An Group.

Didi, which bought Uber's China operations last year, has nearly half a billion users around the world and handles up to 25 million rides per day. It will see its valuation rise to US billion, sources close to the matter told AFP.

It became Asia's most valuable startup in April with a valuation of billion after its previous round of fundraising.

Uber and Didi have been fighting a global turf war since Didi bought out the U.S. firm's China operations.

Didi has been battling for global market share with Uber by working with local firms through investment or partnership, including Southeast Asia's Grab, India's Ola, U.S.-based Lyft, and Europe's Taxify.

Bloomberg News has said Didi was in talks with Japanese taxi operator Daiichi Koutsu Sangyo to provide riding services for Chinese tourists in Japan.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 20 2019 21:04:48

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16February 20 2019 21:04:48

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 20 2019 21:04:48

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords