China's car-hailing app Didi Chuxing raises $7 billion in new funding

Chinese car-hailing app Didi Chuxing Technology Co. has raised $7 billion in its latest fund raising effort, a source said.

The funding round values the company at more than $25 billion, the Wall Street Journal reported earlier on Wednesday, citing people familiar with the matter.

In addition, Didi secured a $2.5 billion debt package from China Merchants Bank Company, the Journal said.

Didi closed a $4.5 billion fundraising round that included $1 billion from Apple Inc <AAPL.O> and $600 million from China Life Insurance Co Ltd <601628.SS>.

Earlier on June 13, it had received an investment of about $600 million from China Life Insurance Co. Ltd, boosting resources to fund its battle with Uber just a month after it raised $1 billion from Apple Inc.

Didi and China Merchants Bank were not immediately available for comment.
(Reuters)