China's Didi gets US$4b in fresh funds from SoftBank

Beijing

DIDI Chuxing has scored another investment from SoftBank Group Corp in a massive funding round that will bankroll the Chinese ride-hailing leader's exploration of new markets and technologies.

Didi said it's secured new financing of more than US$4 billion. That pushed its valuation to about US$56 billion and lifts cash reserves to US$12 billion, people familiar with the matter said, asking to not be identified as the details are private. The five-year-old company now intends to expand internationally as well as develop self-driving and electric vehicle systems, it said in a statement on Wednesday.