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  1. China’s Didi Chuxing raises $7.3 billion in new funding

China’s Didi Chuxing raises $7.3 billion in new funding

Chinese car-hailing app Didi Chuxing Technology Co said it raised $7.3 billion in its latest round of funding, including $4.5 billion from new and existing investors, as it battles to fend off Uber's march into China.

By: | China | Updated: June 16, 2016 8:02 AM
China's Didi Chauxing, didi chauxing revenue, didi chauxing revenue news, didi chauxing app, didi chauxing technology, didi chauxing news, didi chauxing latest news, didi chauxing latest uodates, china news, world news Didi intends to use proceeds from the funding round for technology upgrades, big data research and to explore new lines of business. (Reuters)

Chinese car-hailing app Didi Chuxing Technology Co said it raised $7.3 billion in its latest round of funding, including $4.5 billion from new and existing investors, as it battles to fend off Uber’s march into China.

In addition, China Merchants Bank has committed to become the lead arranger for a syndicated loan facility to Didi of up to $2.5 billion, the company said.

China Life Insurance Co Ltd also added a long-term debt investment of about $300 million.

Also Read: China’s Uber rival Didi Chuxing raises $600 million from China Life Insurance

Didi intends to use proceeds from the funding round for technology upgrades, big data research and to explore new lines of business.

The latest round of funding includes $1 billion from Apple Inc and $600 million from China Life.

The funding round values the company at more than $25 billion, the Wall Street Journal reported earlier on Wednesday, citing people familiar with the matter. (https://on.wsj.com/28Ed9Sz)

Didi says it now has $10.5 billion in disposable funds after the closing of the round. Its U.S. rival Uber has $11 billion.

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