Deals
Apple Backs Didi With $1 Billion in Blow to Uber in China
- Uber’s largest rival gains new cash in battle for users
- Apple is under pressure to find new sources of growth
Apple Invests $1B in China's Didi
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Apple Inc. is investing $1 billion in Didi, giving the Chinese ride-hailing startup a powerful ally and dealing a blow to Uber Technologies Inc. as it tries to build its business in the country.
The iPhone maker will help Didi build up a ride-sharing platform that handles more than 11 million rides a day and serves about 300 million users across China, Didi said in a statement on Friday. Didi’s funding round has now reached $3 billion and the company is valued at about $26 billion, according to people familiar with the matter, who asked not to be identified as the matter is private.