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Didi invests in India’s Ola to restrict Uber
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Chinese ride-hailing group Didi Kuaidi said yesterday that it has invested an undisclosed sum in Ola, India’s largest taxi-hailing app by market share, as it seeks a regional partner to curb US-based Uber.
The investment in Ola was made after Didi injected US$100 million in US ride-sharing service Lyft earlier this month, and jointly invested US$350 million in Malaysia-based Grabtaxi, another regional rival of Uber.
Some market observers said the investment in Ola was part of Didi’s global strategy to partner with Uber’s rivals to help the Chinese company further expand in other Asian markets.
“The investment signals our international strategy,” Didi said in the announcement.
“We will support Ola’s continued expansion in India, and we believe both India and China are rapidly developing countries with enormous market potential,” the company added.
Singapore’s sovereign wealth fund GIC, Falcon Edge, Tiger Global and Softbank were also involved in this round of funding, Didi said in a statement, without disclosing the investment amount.
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