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