Chinese car-hailing app Didi Chuxing said on Monday it had received an investment of about $600 million from China Life Insurance, boosting resources to fund its battle with Uber just a month after it raised $1 billion from Apple.
The latest fund-raising comes with China's top ride-hailing company locked in a struggle to fend off its global rival's march into China. Uber raised $3.5 billion from Saudi Arabia's sovereign wealth fund in new resources earlier this month.
The investment by China Life - the largest insurer in the Asia-Pacific region by market value - included equity of $300 million and a long-term borrowing commitment of $305 million, the companies said in a statement.
"The two parties will also collaborate on investment opportunities in mobile transportation and related sectors in China and beyond," the statement said.