June 28, 2016 0 Comments
Competition in the ride-hailing industry heats up as Didi Chuxing, Uber’s main rival in China, raised $400 million from Poly Group. Poly Group is one of China’s state-owned trading and real-estate conglomerates. This latest fundraising leaves Didi with a valuation of around $27.6 billion. Didi Chuxing, formerly known as Didi Kuaidi, dominates the Chinese ride-hailing market at more than 14 million rides per day. In addition to the equity fundraising, China Merchants Bank recently led a syndicated loan of $2.5 billion and China Life Insurance lent $300 million in long-term debt to Didi Chuxing. The company now has more than $10 billion in disposable funds which it intends to use to ramp up its competition with Uber.
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