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Uber's rival in China has raised another $7 billion to keep the pressure on

Cadence BambenekJun 15, 2016, 19:34 IST

Reuters/Jason Lee

China's native ridehailing service raised $7 billion in its latest investment round, the Wall Street Journal reports.

The latest round includes the $1 billion investment Apple made in Didi Chuxing last month, part of a total $4.5 billion in equity investments. It also raised $2.5 billion in debt. That brings the company's total cash on hand to more than $10 billion.

That's a lot of cash to keep the pressure on Uber.

This comes just one day after Uber raised $2 billion in leveraged loans and brought its own cash on hand up to about $15 billion.

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