Live
- BJP urges EC to stop Cong’s ‘Guarantee Cards’ campaign aimed to 'induce voters'
- Congress cheated Madigas: Dr. RS Praveen Kumar
- CBDT signs record 125 pacts to ease tax payments by big multinational firms
- Kamal Nath accuses BJP of ‘threatening’ Congress leaders in Chhindwara
- Odisha: BJP, BJD allege violation of MCC
- PM Modi lands in Guwahati to kickstart poll campaign
- ‘100 day action plan’ is PM Modi’s signature style for setting goals and meeting targets
- BJP will change the Constitution if they come to power again, says Priyanka Gandhi
- BJP-led NDA to cross 390-mark in Lok Sabha polls, predicts India TV-CNX survey
- Haier launches new TV series in four sizes in India
China counters rival Uber, invests in Ola
Highlights
China\'s most popular ride-hailing app Didi Kuaidi said on Monday it has invested in Indian peer Ola, forging a new alliance within a network of companies challenging U.S. rival Uber Technologies Inc.
China's most popular ride-hailing app Didi Kuaidi said on Monday it has invested in Indian peer Ola, forging a new alliance within a network of companies challenging U.S. rival Uber Technologies Inc.
.jpg)
Didi joins existing investors including SoftBank Corp, Falcon Edge, Singapore sovereign wealth fund GIC and Tiger Global Management. A spokesman for Didi declined to specify the size of the investment.
SoftBank is the common investor backing most of the firms that are taking on Uber across Asia and in the United States. The Japanese telecoms conglomerate already had stakes in Didi, Ola and Southeast Asian firm GrabTaxi.
Didi has also invested in Uber's U.S. rival Lyft, which shares common investors with the other companies, including Chinese e-commerce titan Alibaba Group Holding Ltd.
Ola controls 80 percent of India's taxi-hailing business, and completes more than 750,000 rides per day, according to Monday's statement. Last month, Uber said it plans to average more than 1 million rides a day in India over the next six to nine months as it steps up investments to take on Ola.
In August, GrabTaxi said it had also raised money from Didi, which recently conducted a $3-billion fundraising round.
Uber and its biggest rival Didi are locked in a subsidy-intensive fight for market share in China, one that is costing them each hundreds of millions of dollars.
Next Story
ADVERTISEMENT
