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.”
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