The Chinese ride-hailing app Didi Chuxing completed a $4bn funding round.
China’s answer to Uber increased its valuation to around $56bn, some $6bn higher than previous valuation estimates, in its latest round of funding. The company now has more than $12bn in cash reserves and just received backing from Abu Dhabi’s Mubadala. Didi has managed to drive Uber out of the Chinese mainland in recent years and has also started making savvy investments in its competitors abroad, such as Estonia’s Taxify. The company aims to use the fresh funding to scale up its efforts in AI and technology development. While Didi appears to be operating smoothly, its biggest rival, Uber, is still being harangued by western governments.
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