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Didi Chuxing, China’s ride-hailing giant, is poised to raise a fresh $5bn – $6bn from investors, an infusion of cash that the company will use to expand its transportation services beyond China’s borders.

The new investment values the company at $50bn, including the new funds raised, which makes Didi the world’s second most valuable private tech start-up after Uber.

Investors in the round include tech fund Silver Lake Kraftwerk, Japanese tech group Softbank, and China Merchants Bank. The new investors will not have traditional voting rights due to a proxy arrangement that allows Didi’s management to retain voting control.

As China’s biggest ride-hailing company, Didi had already raised more than $10bn in debt and equity in previous fundraising rounds, from investors as varied as Apple, Foxconn, and Alibaba.

Copyright The Financial Times Limited 2017. All rights reserved.

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