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China's Didi raises $4b in latest funding round

Xinhua | Updated: 2017-12-21 15:55
A mobile phone user uses the taxi-hailing and car-service app Didi Chuxing, Feb 22, 2015. [Photo/IC]

BEIJING - China's leading car-hailing firm Didi Chuxing Thursday announced that it had raised over $4 billion in its new equity funding round.

Chinese and international institutions joined the latest fundraising round, a testament to strong investor confidence in the startup, according to a Didi press release.

The company did not name the investors.

The fund will be used to support AI capacity-building, international expansion and new business initiatives, including the development of new energy vehicle service networks.

With a substantial cash reserve, Didi plans to scale up investment in AI talent and technology and further build up its intelligent driving and smart transportation capabilities.

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