Uber’s Chinese Rival gets $1 Billion funding from Apple
Apple invests $1 Billion in Didi Chuxing, Chinese transportation Network Company headquartered in Beijing. A Chinese Uber rival that provides one stop mobile platform for commuters to book cabs.
American multinational technology company Apple, plans to invest around $1 Billion in a ride sharing platform in China. The most populous country in the world provides huge platform for companies that offer transportation service. Uber is already ruling major parts by offering the service. Curbing the competition, a huge investment in Didi Chuxing, can bring benefits for the commuters. The investment news is informed by the company this week.
Didi Chuxing offers platform to book cabs through a Smartphone, similar to Uber. Serving to millions in China, the company plans to enhance its network and brings better services in coming time. With that it also shows up Apple’s interest to bring something new in the transport sector. The company is engaged more towards technology, and the investments shows up aim to shift its offering in parallel sector. According to news sources, it plans to bring electric car project in the future, could be a reason behind high investment as China is the biggest markets for Apple.
“We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Apple CEO Tim Cook told Reuters.
Didi Chuxing is operating in around 400 cities in China. The investors list also includes Alibaba and Tecent including Apple in recent times. Electric car projects could be the next revolution in China, as ample of companies are working on the project to bring electric and driverless car to reality.
- Didi Chuxing China’s leading network transportation company is working in 400 cities and recently announced Apple $1 Billion investment.
- It has raised overall $4.42 Billion in 7 Rounds. Other than Apple. Alibaba has also invested in the company.