China’s ride-hailing giant Didi Chuxing has raised over $4 billion in its latest round of funding, the company said on Thursday, posing a challenge to its U.S. rival Uber in its efforts to branch out overseas.
The latest investment values Didi at over $50 billion, according to Reuters, and equips it with the cash needed to aggressively pursue expansion opportunities abroad.
Earlier this month, Reuters reported that Didi will launch in Mexico next year. The move would mark Didi’s first expansion of its services beyond China
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