Chinese car hailing app Did Chuxing says it has raised $7.3 billion in the latest round of funding, including $4.5 billion from existing and new investors, as it fights to fend off Uber’s progress in China.
Furthermore, China Merchants Bank has committed to becoming the lead arranger for a load facility to Didi of up to $2.5 billion, the firm says.
China Life Insurance also added a long-term debt investment of around $300 million.
Didi Chuxing says it will use the proceeds from the funding round for technology upgrades, big data research and for exploring new business opportunities.
The latest funding round also includes $1 billion from Apple and $600 million from China Life.
The funding round now values the company at over $25 billion, according to the Wall Street Journal on Wednesday, citing people familiar with the matter.
Didi says it now has $10.5 billion in funds after the funding round closed. Its US-based rival Uber has $11 billion.