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China's Didi Chuxing raises $4 billion

Photo: Mark Schiefelbein / AP

Chinese ride-hail company Didi Chuxing announced that it has raised $4 billion in new equity funding. Investors in the round include Abu Dhabi's Mubadala and existing shareholder SoftBank, according to a source close to the company, which is now said to be valued at about $56 billion.

Why it matters: This means Didi has now raised nearly $17 billion in private funding, which is more than either Uber or Lyft. The company also says that some of the proceeds will be used to build "new energy vehicle service networks."

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