Didi Chuxing, a Beijing, China-based taxi-booking app and transportation platform, received USD$1 billion from Apple.
Through the investment, Apple has become a strategic investor of DiDi, joining Tencent, Alibaba and others.
The company will use the funds to continue to expand operations in China.
Led by Cheng Wei, founder and CEO, Didi provides a data-driven rideshare platform across China. Building on its data mining and analysis capabilities, the company now completes over 11 million rides a day serving close to 300 million users across over 400 Chinese cities with a diverse range of mobile technology-based transportation options.
It works with over 14 million Chinese car-owners and drivers.
Commenting on the deal, Tim Cook, Apple’s CEO, said: “DiDi exemplifies the innovation taking place in the iOS developer community in China. We are extremely impressed by the business they’ve built and their excellent leadership team, and we look forward to supporting them as they grow”.