Chinese ride hailing giant Didi Chuxing will set up a venture with SoftBank to provide ride-hailing in addition to also also various other services for the Japanese taxi industry, the companies said in a statement on Friday.
The move into Japan underscores a recent push by Didi to beef up its presence in markets outside China in addition to also also intensifies the firm’s global battle with U.S. rival Uber, whose China business that will bought in 2016.
The two firms aim to establish the joint venture in addition to also also begin trial services in Japan This kind of year. SoftBank is actually an existing investor in Didi, which raised $4 billion to fund its global push in December at a valuation of more than $50 billion.
Didi has expanded overseas rapidly within the past year since sealing its dominance in China with the purchase of Uber’s local business, ending a cash-burning subsidy war that will cost the U.S. firm roughly $2 billion.