The Uber of China raised more than $4 billion to expand overseas

The payment confirmation page is displayed on the Didi Chuxing application in this arranged photograph taken in Shanghai, China, on Sunday, May 22, 2016.

Qilai Shen | Bloomberg | Getty Images

The payment confirmation page is displayed on the Didi Chuxing application in this arranged photograph taken in Shanghai, China, on Sunday, May 22, 2016.

China’s ride-hailing giant Didi Chuxing has raised over $4 billion in its latest round of funding, the company said on Thursday, posing a challenge to its U.S. rival Uber in its efforts to branch out overseas.

The latest investment values Didi at over $50 billion, according to Reuters, and equips it with the cash needed to aggressively pursue expansion opportunities abroad.

Earlier this month, Reuters reported that Didi will launch in Mexico next…

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