Chinese ride hailing firm Didi Chuxing is now the second valuable venture-backed private company after it raised $4bn (£2.9bn) in its latest funding round on Tuesday. The move is seen as posing a challenge to U.S. rival Uber as the Chinese company looks to expand overseas.
On Wednesday, Didiannounced it was looking at entering the Taiwanese market, and had authorized a franchisee operator to do research there on its behalf.
The funds would also help Didi "bring more innovative and diversified transportation services to broader communities around the world". Tech giant SoftBank is close to buying a 13.4% stake in Uber at a steep discount - the investment would value Uber at about 20% less than the $68 billion that investors thought it was worth in its most recent funding round previous year.
According to Didi the fundraising attracted both Chinese and global investors.
Didi president Jean Liu told The National last month the company was in no hurry to raise further money via an initial public offering, noting that the company was well-capitalised and that there was no pressure for a listing from its investors.
The new injection of cash gives Didi a staggering valuation of $56 billion, according to a person familiar with the deal.
Existing investor SoftBank Group Corp also participated in the latest funding, a spokesman for the Japanese firm confirmed, declining to specify the size of its investment.