BEIJING 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)