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Uber-Didi global duel gets hotter with big fundraising

Both ride-hailing leaders have had huge new capital injections recently

Published Fri, Jun 3, 2016 · 09:50 PM
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San Francisco

THE rivalry between ride-hailing leaders Uber and Didi has just intensified.

Uber Technologies Inc raised US$3.5 billion from Saudi Arabia's sovereign wealth fund - the single biggest investment in the San Francisco company to date. The investment brings the total of Uber's latest financing round to US$5 billion. Didi Chuxing, meanwhile, said it's working to close a funding round of more than US$3.5 billion, which includes a US$1 billion investment from Apple Inc last month.

The new capital injections give the two companies extra firepower to duel each other for global dominance. Nowhere is the competition fiercer than in China, where Didi …

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