Didi's record funding round coincides with rough period for Uber

Beijing

CHINESE ride-hailing giant Didi Chuxing just raised more than US$5.5 billion, giving Uber Technologies Inc chief executive officer Travis Kalanick one more thing to worry about.

Didi's record funding round is said to value the company at more than US$50 billion and gives it a war chest to ramp up efforts to harness artificial intelligence, build driverless cars, and compete more aggressively in foreign markets.