Apple invests US$1 bil in Uber’s China competitor Didi

HONG Kong (May 13): Apple Inc invested US$1 billion ($1.38 billion) in Didi, the single largest investment the Chinese ride-hailing service has ever received as it battles Uber Technologies Inc.

Apple will help Didi build its data-driven ride-sharing platform, as the company now completes more than 11 million rides a day and serves about 300 million users, Didi said in a statement on Friday. It joins other investors including Alibaba Group Holding Ltd and Tencent Holdings Ltd.

Didi, incorporated as Xiaoju Kuaizhi Inc, is in the process of a fundraising round that could raise more than US$2 billion at a valuation of about US$25 billion, people familiar with the matter have said. The deal could close in weeks, people said.

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