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.
June 14, 2016 0 Comments
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.
June 2, 2016 0 Comments
In the wake of Apple’s $1 billion investment in Chinese ride-hailing company Didi Chuxing, Uber has turned to Saudi Arabia’s Public Investment Fund for its biggest round of financing. The kingdom’s sovereign wealth fund infused $3.5 billion into Uber, making this one of the biggest single investments collected by a privately-held tech company. The latest funding continues to value Uber at $62.5 billion. The ride-hailing giant currently operates in 15 cities and nine countries in the Middle East, including Saudi Arabia. According to sources, the money will help Uber further defend and expand its territory against competitors like Lyft, Didi Chuxing, Grab, BlaBla Car and others.
May 17, 2016 0 Comments
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