Didi Chuxing, China’s dominating ride-hailing giant, today announced that it has raised over $4 billion in a new equity funding round. Now having $12 billion in cash reserves, Didi has a valuation of more than $50 billion, making it one of Asia’s largest startups.

The new funding will be used to support Didi’s AI capacity-building, international expansion, and new business initiatives, including the development of new energy vehicle service networks, according the company’s statement.

Meituan, China’s leading food delivery platform, is determined to take on Didi, as Meituan is planning to expand its ride hailing service to seven major cities in China (in Chinese).

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Timmy Shen

Timmy Shen is a technology reporter based in Beijing. He's passionate about photography, education, food and all things tech. Send tips and feedback to timmyshen@technode.com or follow him on twitter at...