China life invests $600 million in Didi Chuxing soon after investing in rival company Uber Global
From Rivalry to Peace!
Working in Harmony
With so many Startups in the market, competition is tough, and there comes rivalry with it. That’s exactly what happened, Chinese taxi app Didi Chuxing and Uber are believed to be rivals. And, as per the old strategy there is no better way to compete with rival than joining hands with the company. Yes, China Life, Asia Pacific’s highest valued insurance firm who made investments in Didi Chuxing soon after investing in rival Uber Global.
Didi Chuxing announced that it had scored $600 million in fresh financing from the insurance company. That does the valuation of Didi Chuxing upto $25 billion mark, which includes the investment of $1 billion made from Apple a month ago.
The Popularity of Didi Chuxing in China
Didi Chuxing claims 14 million rides daily on its service and counts Tencent and Alibaba as its investors. The renowned cab-aggregator claims to work with a significant figure of 15 million car owners that is quite appealing to the investors and insurance companies.
On the other hand, Uber believes that it can take Didi Chuxing in China with Hong Kong-based investors China Taiping Insurance and other investors- Baidu, airline firm HNA Group, automaker GAC, and investment bank CITIC Securities on its side.
Though Didi Chuxing and Uber share the same investors, both China-based Hil lhouse Capital and New York’s Tiger Global have invested in Didi and Uber, unlike China Life, both firms backed Didi first before investing in the U.S. firm.
- Insurance Company, China Life invests in rivals Didi Chuxing and Uber Global.
- Didi Chuxing announced that it had scored $600 million in fresh financing from the insurance company
- Didi Chuxing claims 14 million rides daily on its service and works with 15 million car owners.