Didi Chuxing nets US$5.5 billion investment for AR technologies

Didi's $6bn Push Out

The funding round has drawn investors including Japan's Softbank Group Corp, private equity firm Silver Lake, China Merchants Bank and Bank of Communications, according to Reuters.

However, not all valuation experts agree that Uber should be valued so high.

The company did not disclose its valuation in the new round.

Founded in 2012, Didi's more than 100 existing investors include Apple, Tiger Global Management, and internet giants Tencent Holdings and Alibaba Group Holding, which is the owner of the South China Morning Post. The US rival of Uber Lyft, raised $500 million recently, bringing up their valuation of $7.5 billion. Uber China, a regional subsidiary of the ride-hailing service, merged with Didi in a deal worth $35 billion last August.

The business will use this money to finally come out of China and go global.

The new funds will go to worldwide investments along with research and development for driverless vehicle and artificial intelligence technology.

As the business took off, he won out over rivals through competition or acquisition. In places like Beijing and Shanghai, the company's drivers are required to be local residents, preventing what is estimated to be thousands of potential Didi Chuxing drivers from nearby towns and countryside to work for the startup. Wei incidentally, used to be a manager at Alibaba once.

Since Uber exited the Chinese market a year ago following a drawn-out rivalry with Didi, the Chinese firm has sought to expand in Latin America, leading a $100 million investment in Brazilian ride-hailing service 99 in January.

Didi is China's dominant taxi app business - although it now calls itself a "transportation platform" - and, like many Chinese tech-based businesses - is active beyond China. Additionally, the company hasn't revealed who the investors are in this round of funding, though we will update here if or when we find out.

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