Didi, the "Uber of China," has received a new investment from Foxconn Technology Group, boosting the four-year-old Chinese ride-hailing company’s position as the second most valuable venture-backed private company in Asia.

The world's largest contract manufacturer of electronics has invested $119.9 million in Didi Chuxing Technology Co. The deal marks the latest investment by a major technology company in Didi, one of China's most valuable start-ups and it gives Didi a valuation of $33.7 billion, according to Fortune. 

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With the addition of Foxconn, Didi’s roster of investors is increasingly a who’s who of global tech giants. The list includes Apple, Uber, and Chinese firms Tencent Holdings, Alibaba, and Baidu. Didi said in a statement that investments from Foxconn and others would help the startup advance its technology. Both Foxconn and Didi are exploring possibilities, but there are no solid plans yet.

“With the support of Foxconn and other value investors home and abroad, Didi will continue to push the frontier of innovation for the mobile transportation market and create ever stronger driver and rider communities. Both Didi and Foxconn are focused on innovation and execution. We are exploring possibilities, but there are no concrete plans for cooperation yet,” a Didi spokesperson said in a statement.

A similar deal with Apple also happened in May, where the Cupertino-based tech giant invested $1 billion into Didi Chuxing, South China Morning Post reported.

Meanwhile, Foxconn has made other auto-related investments in the past, including a partnership with China's Tencent Holdings Ltd. to make electric cars.

Both Foxconn and Apple have been expanding its business to smart automobile business and other emerging sectors due to the saturated global smartphone market.

TagsFoxconn, Didi Chuxing, Uber, Uber China, apple, Chinese ride-hailing company, Foxconn Invests Didi