China's Didi Chuxing Raises $4 Billion in New Funding

Investors in Didi's new funding include Japanese mega-fund-manager SoftBank Group Corp. and Mubadala Development Co., an Abu Dhabi state fund, people familiar with the matter said Thursday. The company announced the funding without naming the investors. The injection gives Beijing-based Didi $12 billion cash reserves and a valuation of $56 billion, these people said. It also means that added together Didi has raised about $19 billion, the most venture capital ever raised by a startup, according to Dow Jones VentureSource. While Uber's valuation was roughly $68 billion based on its last funding round in June 2016, a current SoftBank offer to purchase a sizeable stake at a large discount would lower the U.S. ride-sharing firm's valuation in the range of about $50 billion.