Uber’s Chinese competitor raised $4 billion investment

Almaty. December 22. Silkroadnews - Didi Chuxing Technology Co., a Chinese competitor to Uber, raised $4 billion in investment, Reuters reported.
“Chinese ride-hailing firm Didi Chuxing Technology Co on Thursday said it has raised $4 billion in funds earmarked for expansion overseas and into areas such as artificial intelligence (AI), as it looks to challenge Uber Technologies Inc.,” the report said.
Among the investors there are Abu Dhabi state fund Mubadala Capital and the Japanese SoftBank Group Corp.
“With a substantial cash reserve, Didi plans to scale up investments in AI talent and technologies. The funds would also help Didi “bring more innovative and diversified transportation services to broader communities around the world””, the agency report referring to Didi’s statement.
According to the publication, having acquired a local Uber office in 2016, Didi quickly expanded its presence abroad last year after becoming the undisputed leader in China.
Earlier this month, Didi announced plans to enter the Mexican market, and recently said it considers also entering Taiwan’s market. Didi has also invested in several Uber competitors around the world, including U.S.-based Lyft, Brazil’s 99, India’s Ola, Singapore’s Grab, Estonia’s Taxify and Careem in the Middle East.
“Besides SoftBank, investors in Didi’s previous funding rounds included Apple Inc and Alibaba Group Holding Ltd. The Wall Street Journal earlier reported the fundraising had pushed Didi’s cash reserves to $12 billion from $3.5 billion two years prior,” the statement said.