China’s rival to ride-hailing pioneer Uber has raised more than $7bn from investors and lenders, capping off a month that has seen an unprecedented wave of funds pouring into car-booking apps.
The fundraising by Didi Chuxing is comprised of $4.5bn raised from investors, including $1bn from Apple, and $2.8bn in debt, according to a person close to the deal, and values the company at more than $25bn. The company will have more than $10bn in its war chest with the new funding.
The round comes just two weeks after Uber itself raised $3.5bn from Saudi Arabia’s sovereign wealth fund, and it is currently in the middle of a debt deal that could raise as much as $2bn in leveraged loans. Uber’s fundraising has valued the company at $62.5bn, making it the world’s most valuable start-up.