Didi Chuxing, the Chinese ride hailing app, said it had received a $600m investment from China Life, the country’s largest insurer, further buttressing its war chest for its battle with US rival Uber.
Didi said the investment included equity of $300m and long-term debt of Rmb2bn ($305m). Didi’s latest funding round valued it at $25bn, the group said.
The funding follows a recent $1bn investment from US tech group Apple in May and adds another name to Didi’s list of high-profile backers. China Life is China’s largest state-owned commercial insurance conglomerate.
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