Update | China’s US$56 billion ride-hailing king set for showdown with Uber again after latest fundraising round

Uber, under siege in Europe over its business practices and scrutinised for its workplace culture, now has to contend with a US$56 billion juggernaut breathing down its neck.

Its old rival, China’s Didi Chuxing, has raised almost as much money as all of the technology IPOs in the US this year, valuing the Beijing-based ride-hailing start-up at US$56 billion, according to a person familiar with the matter. The company beat back Uber after a ruinous subsidy war that saw the American company call truce and cede China in return for a small stake. Now, Didi is expanding into autonomous driving and new-energy vehicles, betting that the future of mobility in China and elsewhere would be shared, driverless and green.

Uber didn’t immediately respond to an email request for comment sent outside regular business hours.

The new funding brings Didi’s value to more than US$56 billion and its cash reserves to US$12 billion, according to the person.

The company’s fundraising this year has reached US$9.5 billion, after the latest US$4 billion and US$5.5 billion raised in April, which compares with the US$9.9 billion raised by all technology companies from US stock offerings for the year.

Didi said the new funding will support its artificial intelligence research, international expansion, and new business initiatives, including development of new energy vehicle service networks.