Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Chinese Ride Sharing Service Didi Receives $1 Billion Investment From Apple

A company always looking towards the future, Apple has now invested $1 billion in the ride sharing service Didi. Didi is a Chinese competitor to Uber, who is also looking to penetrate the Chinese market. Apple joins Alibaba Group Holding Ltd. and Tencent Holdings Ltd. as key investors in the ride sharing service.

As of now, Didi reportedly is used for 11 million rides per day, and boasts over 300 million users. It is currently far ahead of Uber in terms of success in China, a fact that Uber has been trying to rectify. Didi could raise over $2 billion in funding, with Apple’s investment of $1 billion being the biggest single investment.

As a service still trying to gain a foothold, Didi is not yet making a profit, but company leaders are saying that will soon change. Didi is used in 400 cities in China, and employs more than 14 million car owners. Didi has also joined a coalition with other international ride sharing services such as Lyft, Ola from India, and Grab from Southeast Asia, all in efforts to combat Uber’s Akira-like global expansion.

China is still a growing market, and with roads so clogged with cars, you can be sure a ride sharing service will be used quite a bit by the population. At this time Didi seems to be staving off the advance of the juggernaut that is Uber, but time will tell how that plays out. Uber is the giant in this industry, and it firmly has its eyes set on taking China away from Didi.


Comment Template

You May Also Like

Business

3 Chip Power: Apple’s New MacBook Air Offers Enhanced Speed and Performance On March 4, Apple unveiled its latest offerings in the MacBook Air...

Business

Apple Agrees to Pay C$14.4 Million to Settle iPhone Throttling Case in Canada, According to CBC On March 4, a significant development occurred in...

Business

Tesla’s China Struggle Reflects in Share Skid After February Sales Decline On March 4, Tesla witnessed a more than 7% decline in stock due...

Business

EU Antitrust Blow Apple Faces $2 Billion Fine in Spotify Case On Monday, Brussels imposed a hefty fine of 1.84 billion euros ($2 billion)...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok