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Thursday, June 16, 2016, 12:35

Chinese ride-hailing service raises US$7.3b

By Associated Press
Chinese ride-hailing service raises US$7.3b
A Chinese mobile phone user uses the taxi-hailing and car-service app Didi Chuxing on his smartphone in Jinan city, east China's Shandong province, 22 February 2015. (Photo / IC)

BEIJING - Chinese ride-hailing service Didi Chuxing, the main local competitor for Uber Technologies Ltd., says it has raised US$7.3 billion from investors, adding to intensifying rivalry in the market.

Didi Chuxing said Thursday that investors in its latest financing round include Apple Inc. and China Life Insurance Co. Earlier investors include Chinese Internet giants Tencent and Alibaba and Japan's Softbank.

China's ride-hailing industry has grown rapidly, with competitors spending heavily to subsidize rides to capture market share.

Didi Chuxing, previously Didi Kuaidi, operates in some 400 Chinese cities.

In September, the company and Lyft of the United States agreed to link their services to allow travelers to use them in each other's markets. In December, their alliance added India's Ola and Southeast Asia's GrabTaxi.

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