Chinese state-owned real estate and trading company Poly Group invested $400m in China-based ride hailing platform Didi Chuxing as part of the $7.3bn financing round it closed last week, it announced today.
The round consisted of $2.8bn in debt and $4.5bn in equity funding, $1bn of which came from electronics firm Apple, $400m from e-commerce firm Alibaba and its financial services affiliate Ant Financial and $600m from insurance group China Life.
Internet group Tencent, telecommunications and internet firm SoftBank and BlackRock also committed equity, while China Merchants Bank and China Life supplied the debt.
Poly Group acquired a 1.45% share in Didi Chuxing, which is valued at $27.6bn, buying the shares through two private equity fund subsidiaries, while affiliates Poly Real Estate and Poly Investment Holdings also took part, the four committing $400m between them.
Didi Chuxing has an estimated 85% share of the Chinese ride ordering market and has now raised a total of $10.5bn in equity and debt.