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Didi Chuxing to invest and partner with Uber's European rival Taxify

  • China's Didi Chuxing teams up with and invests in Europe's Taxify.
  • The deal will see Taxify extend its ride-sharing business across diversified markets in Europe, Asia and Africa.
The payment confirmation page is displayed on the Didi Chuxing application in this arranged photograph taken in Shanghai, China, on Sunday, May 22, 2016.
Qilai Shen | Bloomberg | Getty Images
The payment confirmation page is displayed on the Didi Chuxing application in this arranged photograph taken in Shanghai, China, on Sunday, May 22, 2016.

Chinese ride-sharing company Didi Chuxing has teamed up with Uber rival Taxify to grow its network across Europe, Africa and Asia.

The transport giant will collaborate with and provide investment to help Europe's Taxify extend its reach across a range of markets from Hungary and Romania, to South Africa, Nigeria and Kenya.

"Taxify provides innovative, high-quality mobility services across many diverse markets. We share a strong commitment to harnessing the power of mobile technology to satisfying rapidly evolving consumer demands and revitalizing traditional transportation industry," Didi Chuxing's founder and Chief Executive Will Cheng Wei said in a press announcement Tuesday.

"I believe this partnership will contribute to cross-regional smart transportation linkages between Asian, European and African markets."

Tuesday's partnership underscores Didi Chuxing's tightening grip on the global transport market. Last year, the company bought Uber's Chinese business and, at the start of this year, invested $100 million in rival business Lyft.

The company itself has also been the recipient of major investment, having closed a $5.5 billion funding round in April. The deal valued the company at over $50 billion, making it one of the world's most valuable private technology companies after $66 billion Uber.

Taxify, which was founded in 2013, currently serves 2.5 million users across 18 countries in Europe and Africa.

"Taxify will utilize this partnership to solidify our position in core markets in Europe and Africa. We believe Didi is the best partner to help us become the most popular and efficient transport option in Europe & Africa," Markus Villig, founder and chief executive of Taxify, said in a press note.

- Arjun Kharpal contributed to this report.