Didi builds war chest to fend off Uber
Didi Chuxing has completed a $7.3 billion round of financing that will give China’s largest ride-hailing platform a bigger war chest to fend off Uber Technologies Inc in its home market.
The Beijing-based Didi said in a statement that it raised $4.5 billion in equity funding from new investors including Apple Inc as well as existing investors, such as the country’s internet giant Alibaba Group Holding Ltd and Tencent Holdings Ltd.
In addition to the equity investment, the company also landed a debt package of as much as $2.5 billion led by China Merchants Bank Co and a long-term debt investment of $304 million from the country’s top insurer, China Life Insurance Co. It didn’t reveal its valuation after the new round of funding but said it now has $10.5 billion of disposable funds.