China`s Didi to raise $5 billion for overseas expansion

BEIJING Didi Chuxing, China’s top ride-hailing firm, is set to raise a $5 billion funding round that values the company at about $50 billion.

Investors in the round include Softbank Group Corp, Silver Lake Partners, China Merchants Bank and Bank of Communications, according to a person familiar with the matter.

Didi was last valued at $34 billion in August when it agreed to acquire Uber Technology Inc’s China business following a drawn-out rivalry between the two firms. The deal gave Uber a one-fifth stake in the firm.

Part of the latest investment will be used for Didi’s international expansion, the people said.

Since Uber exited the Chinese market last year Didi has targeted efforts on expanding in Latin America, signing a strategic deal with Brazilian ride-hailing service 99 in January.

(Reporting by Julie Zhu, Writing by Cate Cadell- Editing by Stephen Coates)