Didi Chuxing from China raises $7.3 billion

Chinese car-hailing app Didi Chuxing Technology Co said it raised $7.3 billion in its latest round of funding, including $4.5 billion from new and existing investors, as it battles to fend off Uber’s march into China.  In addition, China Merchants Bank has committed to become the lead arranger for a syndicated loan facility to Didi of up to $2.5 billion, the company said. China Life Insurance Co Ltd also added a long-term debt investment of about $300 million. Didi intends to use proceeds from the funding round for technology upgrades, big data research and to explore new lines of business. The latest round of funding includes $1 billion from Apple Inc and $600 million from China Life. The funding round values the company at more than $25 billion, the Wall Street Journal reported earlier on Wednesday, citing people familiar with the matter. Didi says it now has $10.5 billion in disposable funds after the closing of the round. Its U.S. rival Uber has $11 billion. Earlier, the company said that it had received an investment of about $600 million from China Life Insurance Co Ltd, boosting resources to fund its battle with Uber just a month after it raised $1 billion from Apple Inc. Reuters