China's Uber rival Didi Chuxing raises $7.3 bn in new capital

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China's Uber rival Didi Chuxing raises $7.3 bn in new capital

Beijing (AFP) – Chinese ride-hailing app Didi Chuxing, a bitter rival of US-based Uber, has raised $7.3 billion in one of the world’s largest private equity financing rounds, the company said Thursday. 

Didi is locked in a war of attrition with Uber over drivers and riders but claims almost 90 percent of the market in the world’s most populous nation, with about 300 million registered passengers and more than 14 million rides a day.

The latest financing deals value the firm at close to $28 billion, Bloomberg News reported.

The huge fundraising includes $4.5 billion in equity investment from backers such as Apple — which forked out $1 billion last month — and Chinese backers like China Life, the country’s biggest life insurer.

Mainland Internet giants Alibaba and Tencent also have investments in the company, which said it had also won a debt package worth $2.5 billion from China Merchants Bank.

Chief executive Cheng Wei said: “We are greatly inspired by strong support from investors worldwide.”

Copyright AFP/File Greg Baker

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