Didi Chuxing raises United States dollars 4 billion in new equity funding

Didi Chuxing secures $4bn to fund international expansion

China's ride-hailing giant Didi Chuxing has raised over $4 billion in its latest round of funding, the company said on Thursday, posing a challenge to its US rival Uber in its efforts to branch out overseas.

Earlier this month Reuters reported that Didi was planning to enter Mexico next year, in what would be its first overseas operation not managed through a local partner.

On Wednesday, Didi announced its intention to enter the Taiwan ride-hailing market, and has already authorized a franchisee operator for initial market research.

Three of the five most valuable startups on the planet - Didi, smartphone maker Xiaomi and Meituan-Dianping - are now Chinese, according to data from CB Insights. Tech giant SoftBank is close to buying a 13.4% stake in Uber at a steep discount - the investment would value Uber at about 20% less than the $68 billion that investors thought it was worth in its most recent funding round a year ago.

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"We will also embark on initiatives in building new energy vehicle service networks, as part of the company's efforts to lead the transformation of automobile and transportation industries and work towards global energy interconnection".

The identities of the investors were not disclosed, though Didi did note in a statement that "in a testament to strong investor confidence in the strategic vision".

TechCrunch said it understands that, with the investment, Didi's valuation stands at $56 billion, a jump on the $50 billion valuation in April when it closed $5.5 billion in fresh investment.

Investors in Didi's new funding include Japanese mega-fund-manager SoftBank Group Corp. and Mubadala Development Co., an Abu Dhabi state fund, people familiar with the matter said Thursday.

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