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China's Didi confirms $5.5 billion funding for global expansion
April 28, 2017 / 10:53 AM / 6 months ago

China's Didi confirms $5.5 billion funding for global expansion

BEIJING (Reuters) - China’s top ride-hailing service, Didi Chuxing, said on Friday it has raised more than $5.5 billion to expand its business overseas and develop artificial intelligence technology.

The company will invest in big-data, driving technologies and smart transport architecture, it said in a statement.

Reuters reported on Thursday that Didi was set to raise between $5 billion and $6 billion. Sources familiar with the deal valued Didi at more than $50 billion.

Investors include Japan’s Softbank Group Corp (9984.T), private equity firm Silver Lake, China Merchants Bank (600036.SS) and Bank of Communications (601328.SS), the people said.

A spokeswoman for Didi on Friday declined to comment on which investors participated or on the valuation.

Didi is also exploring investment in core technology, it said. The firm led a $100 million investment in Brazilian ride-hailing service 99 in January and opened an artificial intelligence-related research lab in Silicon Valley in the United States last month.

Reporting by Cate Cadell

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