Didi raises another multi-billion dollar round

There are very few companies that would raise $5.5 billion, and then just over six months later bring in another $4 billion.

But then very few companies are trying to compete with Uber and are called Didi.

The Chinese ground transport platform has now brought in close to $10 billion in 2017 alone, bringing its total to just short of $20 billion in just five years.

Involved in the latest round is Softbank, alongside other undisclosed domestic and international finance houses.

Didi has a string of products, including the core taxi hailing business, chauffeur cars, hitching, designated drivers, minibuses and car rental.

The company clearly has other markets and global expansion in its sights, putting up against the other giant with worldwide domination on its mind.

The latest funding round will be used to support its overseas ambitions, some "new business initiatives" such as alternative energy sourced vehicles, and technology.

The company says: "With a substantial cash reserve, DiDi plans to scale up investments in AI talent and technologies, to further build up its intelligent driving and smart transportation capabilities, and to bring more innovative and diversified transportation services to broader communities around the world."

Softbank has become a significant player in the online travel investment world in recent years and is seemingly willing to back competitive brands, having funded Ola, Grab and Uber, as well as OYO Rooms in the accommodation sector.