Apple invested $1 billion in Chinese Uber
Last week Apple made an announcement that it has invested $1 billion in China’s most popular ride hailing app Didi Chuxing. According to Reuters, it has 87% of the Chinese ride sharing market, leaving Uber far behind.
Founded in 2012 in Beijing, Didi Chunxing is one of the most valuable start-ups in China worth roughly $25 billion (compared to ~$51bn valuation of Uber that operates globally) The company claims to complete more than 11 million rides a day and have over 14 million drivers on its platform.
Apple has been looking into China for long time now as it is becoming Apple’s biggest iPhone market. When the company launched the transit feature to its Maps last year it supported only a few cities in the US and Europe and over 300 cities in China.
“We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Apple CEO Tim Cook told Reuters. “Of course, we believe it will deliver a strong return for our invested capital over time as well.”