China's 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, the Wall Street Journal reported, citing people familiar with the matter.

Didi closed a $4.5 billion fundraising round that attracted $1 billion from Apple and $600 million from China Life Insurance Co. Ltd., according to the WSJ report on Wednesday.

The funding round valued the company at more than $25 billion, WSJ reported.

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

Didi and China Merchants Bank Co were not immediately available for comment.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta)

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