The transaction includes primary as well as secondary shares sale, but it must be noted that the deal was completed in June 2016.
By Sayan Chakraborty
Uber Technologies Inc. is striving to make its Bengaluru technology centre a hub of product innovation. The centre, launched in March, will have a team of 50-odd engineers to introduce new products around payments, vehicle intelligence and mapping, among others for India as well as global markets, a senior Uber… Read more »
Anand Sawal of CB Insights shares his views on Apple’s $1 billion investment in Chinese ride-hailing app Didi Chuxing.
Didi Chuxing, formerly known as Didi Kuaidi, said, the funding from Apple was the single largest investment it has ever received. The company, which previously raised several billion dollars, dominates the ride-sharing market in China.
Didi, backed by top Internet companies Alibaba Group Holding Ltd. and Tencent Holdings Ltd., jumped out to lead the market. But Uber is spending heavily to catch up and has said China could eventually become its largest market. Both need capital to pay for recruiting drivers and subsidizing customer fares.
The partnership will allow Chinese travelers to pay for their international rides in yuan using their Alipay accounts, eliminating the need for dual currency credit cards or currency conversions, Uber said.
State-backed funds and enterprises are championing some of the biggest private investment rounds, tapping into China’s buoyant Internet sector for better returns. That includes backing the record $4.5 billion raised by Alibaba Group Holding Ltd.’s finance affiliate on Tuesday. China’s governments are armed with about $339 billion, the biggest pot of money for startups in the world.