6/15/2016, 10:50 PM (Source: TeleTrader)
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Didi raises $7 billion from investors

Chinese ride-hailing company Didi Chuxing Technology Co. raised $7 billion from investors, Wall Street Journal reported on Wednesday.

The transportation start-up based in Beijing secured $1 billion from Apple Inc. and $600 million from China Life Insurance Co Ltd. in its latest fund raising round which amounted to $4.5 billion. Besides these investments, Didi also got $2.5 billion in debt from China Merchants Bank Co. With the latest funding, the company is now valued at over $25 billion.

Didi’s main rival Uber Inc. secured $3.5 billion in funding from Saudi Arabian investors two weeks ago and asked Barclays Plc. and Morgan Stanley to sell its leveraged loan in an attempt to raise between $1 and $2 billion on Tuesday.


Image: EPA / How Hwee Young

Baha Breaking News (BBN) / NP