Chinese car-sharing company Didi Chuxing raised an additional $5 billion to fund its international expansion, with the company already targeting Latin America, where it signed a deal with a Brazilian ride-hailing company in January.
Investors in the latest funding round, which values Didi at $50 million, include SoftBank Group, Silver Lake Kraftwerk, China Merchants Bank and Bank of Communications, Reuters reported.
Didi was valued at $34 billion in August after acquiring Uber’s China business, which had struggled to take share from the market leader. The deal gave Uber a 20 per cent stake in Didi and pulled together Didi’s car-hailing business, valued at $28 billion, and Uber China, worth an estimated $7 billion.
In May SoftBank reportedly was in talks with Didi about a potential $6 billion investment the ride-sharing firm. In March, Didi announced it opened a research centre in Silicon Valley to develop assisted and autonomous driving systems.
Didi claims to hold a 90 per cent share of China’s ride-hailing market.