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China’s Didi Chuxing raises over $4B for AI and global expansion

China’s ride-hailing service Didi Chuxing announced today that it has raised $4 billion in fresh funds to support a range of new initiatives including international expansion.

The companpy didn’t disclose the names of the investores.

The fresh funds will be used for artificial intelligence, global expansion and building charging networks for electric cars, Didi said in a statement.

The investment gives Didi a valuation of $56 billion, a jump on the $50 billion valuation in April when it closed $5.5 billion in fresh investment.

The valuation puts it on track to surpass Uber, the world’s most valuable startup. Last month, Uber was said to be worth $54 billion. 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 last year.

Didi has already raised $13 billion from investors that include Alibaba, Tencent and Apple.

Didi claims to operate the world’s largest fleet of electric cars. Out of the two million electric vehicles currently on the road in China, more than 260,000 are on its platform, it said, which overall has 450 million users and 21 million drivers, and includes a ride-hailing app, as well as taxi, minibus and car rental services. The company’s goal is to increase that amount to one million electric vehicles by 2020.

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