#Asia Didi Chuxing closes US$7.3B funding round: Reports

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While Uber is Didi’s largest competitor in China, the latter holds more than 87 market share, with more than 300M registered users and 15M drivers on its platform

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Soon after receiving US$600 million from insurance firm China Life Investment Holding Co, China’s largest ride-hailing app Didi Chuxing has confirmed that it has completed the current investment round at US$7.3 billion, according to The Wall Street Journal. 

This included a US$1 billion investment by Apple announced mid last month. As per reports, Didi’s existing investors Tencent, Alibaba, China Merchants Bank, and SoftBank also co-invested in the round.

Citing sources, the WSJ report said that the current funding round brings Didi’s valuation to over US$25 billion. Till date, Didi has secured over US$10.5 billion in funding.

Also Read: Didi and Uber can’t agree on who owns what in China’s fierce ride-hailing market

While Uber is Didi’s largest competitor in China, the latter holds more than 87 market share, with more than 300 million registered users and 15 million drivers on its platform.

So far, Uber has raised US$14.11 billion in funding, with the latest round coming from Saudi Arabia’s Public Investment Fund (PIF). Currently, Uber is valued at US$62.5 billion.

Uber recently announced that it will expand to 60 Chinese cities next month.

The post Didi Chuxing closes US$7.3B funding round: Reports appeared first on e27.

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