(Yicai Global) Dec. 21 -- Didi Chuxing has secured USD4 billion in funding that will allow the world's largest ride-hailing provider to ramp up investment in artificial intelligence, offer more new-energy vehicle services and expand overseas, it said on social media today.

The Beijing-based company's statement did not give specific details, but a Caijing Magazine report cited an informed source as saying that Didi was working on a multi-billion dollar deal with one of the world's biggest sovereign wealth funds, UAE-based Mubadala Investment Co., and Japan's SoftBank Group Corp.

Didi Chuxing is worth more than its global competitor Uber Technologies Inc., the source said. It was valued at around USD50 billion after its last round of funding, a USD5.5 billion haul in April. With the latest cash injection, Didi will have reserves of about USD12 billion, he added.

Didi drove Uber from its home market in 2016 by buying its China brand and assets, and has now locked horns with its archrival around the world. The turf battle in China cost both billions.

The company has conducted 16 rounds of funding since it was set up in 2012. During the first 15, some 34 institutional and individual investors pumped in more than USD16.8 billion. The latest financing round will be the first time Didi has taken funds from the Middle East.

Didi Chuxing is a "great company" and President Jean Liu "has done a phenomenal job," Mubadala's Chief Executive Khaldoon Al Mubarak said in an interview with broadcaster CNBC last month. He added that the ride-sharing market has great potential for growth and Mubadala likes to "invest in China with good partners."