Monday, June 13, 2016

Apple Investee Didi Chuxing Receives Another $600 Million, This Time From An Uber Backer

You'll recall that when discussing Uber challenging Didi Chuxing's 87% market share a couple weeks ago Didi's president referred to Uber's competitive efforts as 'cute'.
Then when Uber took the Saudi money she said she had more than that coming in. This must be part of her $3.5 bil.+
From TechCrunch:

Insurance firm China Life puts $600M into Didi Chuxing months after backing Uber
Can’t beat ’em, join ’em. That appears to be the thinking of China Life, Asia Pacific’s highest valued insurance firm, after it backed Chinese taxi app Didi Chuxing barely months after investing in fierce rival Uber.

Didi announced today that it has scored $600 million in fresh financing from the insurance company, half of which will go towards its latest funding round which a spokesperson confirmed has now exceeded $3.5 billion but is still to close. That’s likely to value Didi around the $25 billion mark and will include the surprise $1 billion investment from Apple that was announced one month ago.

Last summer, China Life invested in Uber Global last year although it has nor invested in Uber’s China business. Despite suggestions and reports to the contrary (not to mention a “no comment” from Uber China), a China Life spokesperson confirmed to TechCrunch that its investment is within the global entity of Uber only. Nonetheless, now it is covering its bases and providing capital to Didi in two ways: via an equity investment of $300 million, which will go towards the aforementioned round, and a separate “long-term debt investment” of RMB 2 billion (around $305 million).

Didi, which claims 14 million daily rides on its service and counts Tencent and Alibaba as investors, said the strategic investment will see the companies work together on a range of initiatives that will include new insurance and financial services. That’ll also include “investment opportunities in mobile transportation and related sectors in China and beyond,” the company said....MORE
Apple Investee Didi Chuxing Says It Is About To Raise More Cash Than Uber's $3.5 Billion Saudi Deal
"Apple invests $1 billion in Chinese ride-hailing service Didi Chuxing" (AAPL)

And today's "Lyft’s $5.5 Billion Plan for World Domination".