Taking on Rival Uber, Taxi App Co Didi Chuxing Raises over $7bn
In a heavy step towards mobile transportation and related sectors, Didi Chuxing (Chinese car-hailing app) a competitor of Uber is raising its presence in china through various investments. Didi is currently handling whopping 11 million rides a day.

Recently they raised about $600 million from China Life Insurance Co Ltd to fund its straight battle with Uber. Before a month, Didi had raised $1 billion from Apple Inc as well. Didi is committed to pay back $305 million to China Life with long-term borrowing commitment. Get Didi Chuxing Taxi App here

Till date Didi have raised around $7bn through various fundings including $4.5bn equity from Apple, Alibaba Affiliate, Existing shareholders, Tancent (internet company) and an undisclosed amount from Ant Financial. It also includes remaining sum from a syndicated loan worth $2.5bn arranged by China merchants bank.

Meanwhile, Uber have also raised $3.5 billion from Saudi Arabia's sovereign wealth fund for their new resources. 
There is also a news that Uber and Didi will join their forces to fight with subsidise fares and gain more and more market shares. Didi is also trying to open up their arms in the US which will probably happen by 2018. 

On 2nd June 2016, Saudi Government announced a heavy $3bn payment to Uber to allow them an automatic cash boost. Yasir Al Rumayyan, a Saudi fund manager will also secure his place into their board of directors. 

Uber's business will get an additional boost in global expansion and allow themselves to provide more taxis and related services with better facilities, sources said. Get Uber Android App here, Get Uber iOS App here With these heavy funding it is all set that Didi will take over Uber soon or later or at least create sheer competition in taxi transportation services.

Comment with Facebook

No more post found.