Didi Chuxing, the cab-aggregator company from China has just announced that it has secured $600 million from China Life, Asia Pacific’s highest valued insurance firm. Half of the amount raised, will go to the latest round of Didi, which has exceeded $3.5 Billion and yet to close, and the other half of the amount is given as a long term debt to the company. The latest round, values Didi Chuxing at $25 Billion. FYI, Apple had chipped in with $1 Billion in a surprise investment last month.
It is interesting to know that around a month back, China Life had also participated in a round to fund Uber China, the rival of Didi Chuxing.
Didi Chuxing, 4 year old startup claims to have over 14 million customers everyday. In a statement, it said that the new round will open a lot of opportunities for both the companies to take mixed initiatives in financing and insurance sector and believed that the strategic deal will be a good one for the time to come.
Didi Chuxing boasts of over 300 million customers across all the services it provides. Including bus, cab and chauffeur. It claims that over 15 million car owners, which work with Didi Chuxing, Can be a great tempting point for any insurance company. Though, China Life is not the first insurance company to invest in Didi, Ping An, another insurance company from China had participated in a $2 Billion round last year.
Apart from China Life, China Based Hillhouse Capital and New York Based Tiger Global are the other common investors in Uber China and Didi Chuxing.