Chinese Ride-Hailing Biz Didi Snags $4B From Investors

Chinese Ride-Hailing Biz Didi Snags $4B From Investors

China's largest ride-hailing services firm, has raised US$4 billion in fresh funding as it seeks to expand its business and venture into areas such as self-driving vehicles.

The company said the new capital will help it increase its capacity to use artificial intelligence, drive worldwide expansion and support new business initiatives, including the development of new energy vehicle service networks.

The company, which has announced plans to expand internationally earlier this year, establishing an global arm in February. Didi was created by a 2015 merger between Tencent Holding-backed Didi Dache and Alibaba Group Holding-backed Kuaidi Dache.

The ride-hailing firm said that "there is no definitive timeline" on expansion to the region.

Forecast: A cold, but quiet first day of Winter
So we are just now entering our prime season for winter weather chances, even though we had a decent event earlier in the month. We'll keep things dry to close out the work week, but a potent storm system brings rain chances back into the mix on Saturday .

Didi Chuxing announced in August that it is backing Uber's Estonian rival Taxify with financial investment and support on technology developments.

Mubadala on Thursday declined to say whether it had participated or not in the latest fundraising.

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 previous year.

Its other tech investments include GlobalFoundries, a semiconductor manufacturer, UAE-based satellite company Yahsat, and a stake in Dubai telecom operator du.