Didi Chuxing, a Chinese taxi hailing company, raised US$5.5 billion round of funding.
Following the close, Didi is valued at US$50 billion.
According to Bloomberg, the backers were SoftBank Group Corp., Silver Lake Kraftwerk, China Merchants Bank Co. and an arm of Bank of Communications Co.
The company will use the funds for its international expansion efforts and continued development of its driverless technology with the opening of an AI Lab in Mountain View, CA.
Didi is a one-stop consumer transportation platform offering taxi hailing services in 360 cities (3 million rides per day), peer-to-peer private car services in 80 cities (3 million rides per day) and social ride sharing services (hitch) in more than 300 cities (600,000 rides per day).
The company’s three-year goal is to serve 30 million passengers and 10 million drivers daily.