Didi ride hailing service raises $7 bn in funding

The Wall Street Journal reports China’s homegrown competitor to Uber Technologies Inc. has raised $7 billion in its latest fundraising effort, giving it a host of powerful allies including Apple Inc. to fend off the global ride-hailing champion locally. Didi Chuxing Technology Co., the country’s biggest ride-sharing company, closed a $4.5 billion fundraising round that attracted $1 billion from Apple and $600 million from China’s top life insurer, according to people familiar with the situation. The round values the company at more than $25 billion, they said. In addition, Didi has secured a $2.5 billion debt package from China Merchants Bank Co., according to one of the people.