Not quite a year after acquiring Uber’s China business, ride-hailing app Didi Chuxing is said to be raising between $5 billion and $6 billion in funding. The new round will help the company expand and brings its valuation to $50 billion, according to Bloomberg. Didi has grown rapidly since merging with competitor Kuadi Dache in 2015, extending its reach through partnerships with local ride-hailing providers in foreign markets. Now it’s poised to not only put money behind market growth, but new technologies—like those being tested in its recently launched Mountain View lab. Read more here. RR
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