Didi Chuxing, Uber's China rival, has closed a financing round worth $7.3 billion, including an investment from Apple, as the taxi app battle in the world's second-largest economy continues to heat up.
The total round was formed from a $4.5 billion equity raise from Apple, which invested $1 billion into Didi, $600 million from China Life, and an undisclosed amount from Ant Financial, the affiliate of Alibaba that runs payment solution Alipay. Existing shareholders, including internet giants Tencent and Alibaba, were also involved in the round.
And the remainder of the money came from a syndicated loan worth $2.5 billion arranged by China Merchants Bank. And China life added a long-term debt investment of around $300 million.