Didi Announce $5.5B Round To Support Global Expansion, AI Investments

Chinese largest ride sharing company Didi Chuxing announced today that it had closed a new financing round of over US$5.5 billion.

The company did not disclose its valuation in the new round. It also did not say who the investors were. China Money Network reported Thursday that the Beijing-based company is valued at US$50 billion post-money, up from the US$34 billion valuation last year.

Investors in the round reportedly include SoftBank Group Corp., Silver Lake Kraftwerk, China Merchants Bank Co. and Bank of Communications Ltd.

The proceeds will be used to support Didi’s global expansion strategy and continued investments in artificial intelligence, the announcement said.

"Building on its competitive AI-based analytics capabilities, DiDi is working towards systemic breakthroughs in intelligent driving technologies and smart transportation architecture. With the launch of DiDi Labs in Mountain View in California earlier this year, the company continues to attract the industry’s top minds and explore investment opportunities in core technology areas," said the statement.

So far, Didi has received over US$10 billion in debt and equity from more than 100 investors including Apple Inc., China Investment Corp, Tencent Holdings Ltd. and Alibaba Group Holding Ltd.