June 14, 2016 Comments Off on Didi Chuxing nabs $600 million
Following its $1 billion raise from Apple, Didi Chuxing, Uber’s main rival in China, has secured yet another investment. State-owned China Life Insurance has infused $600 million into the company. The investment includes a private equity of $300 million at a $24.7 billion valuation and a long-term debt financing of $305 million. The funding comes at a time when Uber continues to ramp up its resources, recently taking $3.5 billion from Saudi Arabia’s Public Investment Fund. While Uber has more money and well known financiers, Didi Chuxing has the home-grown advantage with 300 million users. It also has the financial backing of Apple, as well as, Chinese corporations like Tencent, Alibaba, China Investment Corporation, and China Merchants Bank.
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