Didi set to raise US$6 billion, in race to expand overseas

Didi's $6bn Push Out

China's leading on-demand mobility platform Didi Chuxing announced Friday that it had completed a new financing round of over 5.5 billion USA dollars to support its global strategy and continued investments in artificial intelligence (AI).

The fresh funds will be used for global expansion, driverless vehicle technology and other advanced transportation technology, the person familiar with the fund raising said.

The funding is being sought at a much higher valuation compared to Didi's US$34 billion price tag in August, when it agreed to acquire Uber's China business.

The financing follows a massive US$4.5 billion equity funding in June previous year from Apple, China Life, Ant Financial, as well as returning investors Tencent, Alibaba, China Merchants Bank and SoftBank.

'Masters of the Universe' Gets a Release Date, Loses a Director
Whether or not you're happy with that will depend on how much you like Goyer, but here's where things get really interesting. Entertainment Weekly reports McG dropped out and a new director might step in his place.

Didi drove Uber out of China when the ride-hailing service was unable to turn a profit in the country. More than 100 investors are now backing Didi Chuxing, which includes Apple (NASDAQ:AAPL), the Jack Ma led Alibaba (NYSE:BABA), China Merchants Bank, and SoftBank (TYO:9984) of Japan.

Chinese ride-hailing giant, Didi Chuxing is raising between $5 and $6 billion in a funding round that would value the company at around $50 billion, according to various reports.

Didi Chuxing came to fruition in early 2015 following a merger between local rivals Didi Dache and Kuaidi Dache.

"Investors' support reflects strong confidence in the vision and stewardship of Didi's management".

Mariah Carey And Nick Cannon Spotted On Date - Getting Back Together?
Simon Ourian is a favorite of Kim Kardashian and her family, rapper Iggy Azalea, model Cara Delevingne, and pop diva Lady Gaga. Suffice to say, both Mariah Carey and Cannon are now single so anything is possible, including for them to get back together.

The people said that part of the latest capital investment in Didi would be used for worldwide expansion.

Last year, Didi had succeeded in buying US-based Ubers operations in China, helping the company gain further market share. Didi wants to take advantage of data on 400 million users across some 400 cities to aid research into AI and autonomous vehicles.

Silver Lake Kraftwerk, a venture set up by private equity firm Silver Lake and hedge fund billionaire George Soros, is investing in Didi for the first time, the person added.

Obama criticised for '$400000 Wall Street speech'
He was envisioned kite-surfing in February with Richard Branson off the Virgin head honcho's private Caribbean island. Prior to that, the Obamas landed book deals with Penguin Random House totaling a combined $65 million .

Related news:

Hot News

isis-killer-beheading-video-story-top 3 killed after high tide submerges jetty in eastern India
Apr 30, 2017 - 01:42
The four jetties near the incident spot have been kept closed for the time being, a source said. "They are being interrogated". Chief Transport Secretary also said that like "Safe Drive, Save Life", a river safety campaign will begin shortly.

isis-killer-beheading-video-story-top Blue Jays' Coghlan dives over catcher to score run
Apr 30, 2017 - 01:37
Vicente Campos was also just activated and immediately sent to Triple A Salt Lake after having rehabbed at High Single-A. So when it was reliever Jason Grilli's turn to bat, being in a National League park in came Stroman to pinch hit.

isis-killer-beheading-video-story-top Cooper Tire & Rubber Co (CTB) Shares Down 9.8% on Disappointing Earnings
Apr 30, 2017 - 01:37
Financial Architects Inc's holdings in Goodyear Tire & Rubber Co were worth $125,000 as of its most recent filing with the SEC. The company reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $0.69 by $0.12.

isis-killer-beheading-video-story-top More heavy rain and storms possible today
Apr 30, 2017 - 01:30
A cold front heads to the coast by Saturday afternoon and pushes more clouds and rain showers into the valleys by Saturday night . Thunderstorms could move into the area with heavy rain, especially south of Interstate 80 in the afternoon and into the evening.

isis-killer-beheading-video-story-top Environmental protesters return to Washington as Trump passes milestone
Apr 30, 2017 - 00:09
The first was held in 2014 on the eve of the United Nations Climate Summit . Astrid Riecken/Getty ImagesPeople gather near the U.S.

isis-killer-beheading-video-story-top Bulls beat top-seeded Celtics to take 2-0 series lead
Apr 28, 2017 - 01:56
Ibaka made a jumper to put Toronto up three but Antetokounmpo answered with a 3-pointer, tying it at 100-all with 2:03 left. The 22-year-old still finished with a team-high 24 points and 15 rebounds, but the shooting was too inconsistent.

isis-killer-beheading-video-story-top Jadhav's mother appeals for his release; expresses desire to visit Pak
Apr 28, 2017 - 01:35
However, Janjua contended Jadhav was not covered under a bilateral agreement on consular access as he was a "spy". The Pakistan Army had before said there will be "no bargain" on the issue of capital punishment granted to Jadhav.

Nintendo sees Switch console doubling profit, ending 8-year sales slide
Apr 28, 2017 - 01:32
The real test will be when the company announces its earnings next year, which will include full-year performance of the Switch. Ono projects annual sales of the Switch will grow for the next three years from 8.7 million in 2018 to 18 million in 2020.

isis-killer-beheading-video-story-top Sean Dyche: Burnley in control of Michael Keane's future
Apr 28, 2017 - 01:29
In the Championship we'd be viewed stronger for all the different variants, pushing to be in the Premier League, financial, etc. The reality is that nothing's changed.

isis-killer-beheading-video-story-top Texas House OKs 'sanctuary city' ban with tough jail penalty
Apr 28, 2017 - 01:28
San Antonio is not a sanctuary city , but if this becomes law, we will still have to abide the legislation or pay the price. Texas lawmaker Victoria Neave hasn't eaten since Sunday, she says, when she received a Holy Communion wafer during Mass.

isis-killer-beheading-video-story-top Indian soldiers killed in Kashmir army camp attack
Apr 28, 2017 - 01:25
There were apprehensions that the militant squad that attacked the camp might not have been comprised of two militants only. The political fraternity has come together in condemning the attack and also paying their tributes to the slain soldiers.

isis-killer-beheading-video-story-top Press Freedom in US, Canada Declining at 'Alarming' Rate
Apr 27, 2017 - 02:43
Israel in 2016 comes in 91st out of 180 countries ranked for press freedom in 2016 by Reporters without Borders, up from 101st place in 2015.

isis-killer-beheading-video-story-top Jeff Goldblum 'to reprise role in Jurassic World sequel'
Apr 27, 2017 - 02:43
The Jurassic World sequel will arrive on June 22, 2018 . "He told us about chaos theory, he was right", Marshall told Slashfilm. Colin Trevorrow , who directed the first " Jurassic World " movie, wrote the script for the sequel with Derek Connolly .

isis-killer-beheading-video-story-top Uber unveils plans for flying auto network by 2020
Apr 27, 2017 - 02:42
Anyone else finding this all a bit suspish? But Uber customers have said the plan seems more science fiction than science fact. There's a small catch, however, to Uber's ultimate goal of creating a flying vehicle taxi network.

isis-killer-beheading-video-story-top US Defense Secretary Jim Mattis visits Afghanistan
Apr 26, 2017 - 08:58
Bill Salvin, a spokesman for the U.S. mission in Afghanistan, said the Marines would remain in the province for nine months. His arrival Monday in Kabul comes on the heels of a weekend attack on a northern Afghan army base by the Taliban.