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China ride-hail giant Didi Chuxing has raised $4 billion

SoftBank and Mubadala are in the round.

Didi Chuxing CEO Jean Liu
Didi Chuxing CEO Jean Liu
Asa Mathat

Chinese ride-hail behemoth Didi Chuxing just raised $4 billion, the company announced on Wednesday. Before this round, the company had raised upward of $15 billion.

Participants in this round included SoftBank and Mubadala. Didi would not disclose the current total funding. This round valued the company at around $56 billion; the company most recently was valued at $50 billion.

After Didi acquired Uber’s China operations in August of 2016, it expanded its international footprint through investments in companies like Brazil’s 99.

The company expects to continue that expansion. Part of the funding will also be dedicated to the development of AI, according to the announcement. Earlier this year, the company launched an AI lab in the U.S. to focus on the platform as well as self-driving.

Didi also has dipped its toe in dockless biking by participating in a recent $700 million round investment in Ofo, which recently expanded into the U.S.

This is developing ...


This article originally appeared on Recode.net.

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