BEIJING: China’s most popular ride-hailing application Didi Chuxing said today it raised US$4.5 billion in its latest round of fundraising, which includes previously announced investment from Apple and China Life Insurance, as it continuous to seek financial support to fend off both foreign and domestic rivals.
The investment include equity fundraising from Internet giants and state-owned enterprises such as Apple, China Life, Ant Financial as well as other new shareholders, together with existing investors Tencent, Alibaba, China Merchants Bank, and SoftBank.
China Merchants Bank also arranged a syndicated loan facility worth up to US$2.5 billion for Didi.
This marks the second round of financing after Didi and Kuaidi, once the two leaders in the ride-hailing sector, merged in early 2015 to stop cut-throat competition and combine resources. The previous round of over USD3 billion was completed in September 2015.
The proceeds will be used for technology upgrading, big data research and operations, investments in improving rider/driver experience, as well as explorations into new business lines and opportunities.
DiDi said it handles an average of 14 million rides through its platform on a daily basis.
“We are prepared to continue this momentum of growth with advantages in technology and platform synergies,” founder and chief executive officer Cheng Wei said in a statement.
