China's Didi Chuxing Technology Co., which offers a ride-hailing service akin to Uber, has brought in more than $4 billion from a group of private investors, according to a Thursday statement. While the company has focused on shoring up its grip on ride-sharing in China, it has started to look beyond the mainland and is turning to franchising in Taiwan.
After reporting larger profits than USA rival Uber in its home region previous year, Didi has expanded its global network in 2017 by investing in companies such as Lyft in the U.S., 99 in Latin America, Taxify in Europe, Careem in the Middle East, Ola in India and Grab in Southeast Asia.
The investment would extend Didi's valuation to $56bn.
Didi president Jean Liu told The National last month the company was in no hurry to raise further money via an initial public offering, noting that the company was well-capitalised and that there was no pressure for a listing from its investors.
The two companies have been in a slow-moving war for years.
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Didi has also invested in Uber's rivals globally, including US-based Lyft, Brazil-based 99 and Singapore-headquartered Grab.
The company declined to disclose the identity of its newest investors, and in a statement on its website, said just this: "Chinese and global institutions joined the latest fundraising round".
In an email to CNBC, Softbank of Japan said that it participated in the funding, but did not disclose the amount it had invested.
Its other tech investments include GlobalFoundries, a semiconductor manufacturer, UAE-based satellite company Yahsat, and a stake in Dubai telecom operator du.