China’s Didi Chuxing scores $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.

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.

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.

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.

Source: Reuters