The new financing could bring Didi Chuxing back into competition with Uber: Analysts expect the Chinese<br />company to use the funds to push into new markets and to develop autonomous driving technologies.<br />With New Funding, Didi Chuxing, an Uber Rival, Looks Beyond China -<br />By PAUL MOZURAPRIL 28, 2017<br />When Uber pulled out of China last summer, it appeared to be the end of two years of frenzied competition with the local rival Didi Chuxing.<br />The investors in the new round included SoftBank in Japan<br />and Silver Lake Kraftwerk in the United States as well as the Chinese institutions China Merchants Bank and the Bank of Communications, according to the person familiar with the matter.<br />The Chinese smartphone company was once the world’s most valuable start-up, yet<br />it has struggled with domestic competition and a mixed performance overseas.<br />Although it is a member of a loose alliance of ride-sharing companies<br />that includes the Uber rival Lyft, it has little experience breaking into new foreign markets.<br />Yet with a new funding round that has brought in $5.5 billion, it seems the Chinese firm wants to take the rivalry global.
