China’s Didi to battle US giant Uber

SHANGHAI: Chinese ride-sharing firm Didi Chuxing said yestersday it had raised $4 billion from investors, months after a funding round that made it Asia’s most valuable startup, as it presses on with a global battle with US giant Uber, reports AFP.

Local and foreign groups contributed to the huge pot, which will be used to fuel Didi’s global expansion and support new developments in artificial intelligence and new energy vehicles, the company said in a statement.

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 $56 billion, sources close to the matter told AFP.

It became Asia’s most valuable startup in April with a valuation of $50 billion after its previous round of fundraising.

Uber and Didi have been fighting a global turf war since Didi bought out the US firm’s China operations.

 

Chinas Didi to battle US giant Uber

SHANGHAI: Chinese ride-sharing firm Didi Chuxing said yestersday it had raised $4 billion from investors, months after a funding round that made it Asias most valuable startup, as it presses on with a global battle with US giant Uber, reports AFP. Local and foreign groups contributed to the huge pot, which will be used to fuel Didis global expansion and support new developments in artificial intelligence and new energy vehicles, the company said in a statement. Didi, which bought Ubers 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 $56 billion, sources close to the matter told AFP. It became Asias most valuable startup in April with a valuation of $50 billion after its previous round of fundraising. Uber and Didi have been fighting a global turf war since Didi bought out the US firms China operations.