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Uber’s biggest competitor just raised a record $5.5 billion

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Ride-hailing giant Didi Chuxing raised more than $5.5 billion from investors, scoring the largest round of funding ever for a technology company to bankroll an expansion beyond China and into driver-less technology.

Didi, which drove Uber Technologies Inc. out of China last year, is already one of the country’s best-funded private companies: its backers range from powerful state agencies to global venture firms and WeChat-operator Tencent Holdings Ltd. The latest financing, which Didi disclosed in an emailed statement Friday, may propel forays into everything from artificial intelligence to auto-financing — and potentially markets beyond its home territory. Read more…

More about Asia, China, Uber, Ride Hailing Apps, and Didi Chuxing

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