Tag Archives: $1 billion

Apple invests $1 billion in Didi Chuxing

Last week, Apple surprised the tech industry by investing $1 billion in Chinese ride-hailing startup Didi Chuxing, formerly known as Didi Kuaidi. According to sources, Didi Chuxing dominates 90% of the Chinese market and is valued at $25 billion. This deal is Didi’s largest investment so far. Thanks to previous investments from Alibaba and Tencent, the startup’s current funding round is oversubscribed. Thus, Didi does not really need Apple’s funding. However, the deal is beneficial for Apple for several reasons. The investment will allow Apple to have a more cordial relationship with the Chinese government and it will help the company gain valuable insights into the Chinese ride-hailing app and self-driving car markets.