Can’t beat ’em, join ’em. That appears to be the thinking of China Life, Asia Pacific’s highest valued insurance firm, after it backed Chinese taxi app Didi Chuxing barely months after investing in fierce rival Uber.
Didi announced today that it has scored $600 million in fresh financing from the insurance company, half of which will go towards its latest funding round which a spokesperson confirmed has now exceeded $3.5 billion but is still to close. That’s likely to value Didi around the $25 billion mark and will include the surprise $1 billion investment from Apple that was announced one month ago.
