According to sources close to the deal, Chinese ride-hailing company Didi Chuxing is set to raise as much as US$6 billion, reports the Financial Times.

With the new funding, Didi’s valuation continues its rapid ascent from just US$25 billion last June to an estimated value of US$50 billion, which would make it the second most valuable start-up in the world, behind uber.

The new funds will go to international investments along with research and development for driverless car and artificial intelligence technology.