Didi Chuxing, China's Homegrown Uber, Raises US$ 7 Bln

(Beijing) – Private car services operator Didi Chuxing said it has raked in US$ 7.3 billion in its latest round of fundraising, as it digs in its heels to battle rival U.S. ride-sharing app Uber for dominance in the country's growing online car-hailing market.

The heavy capital infusion includes US$ 1 billion from Apple Inc.; US$ 400 million from e-commerce giant Alibaba Group Holding Ltd. and its financial arm Ant Financial Services Group; and US$ 600 million from state-owned China Life Insurance Co., Didi Chuxing Technology Co., China's largest private car services and app operator by rides, said in a statement on June 16.