Didi Kuaidi, Uber’s dominant Chinese rival, today confirmed it has made an investment in India’s top ride-hailing app Ola. The company joins a slew of Ola’s existing investors, including Falcon Edge, GIC, Tiger Global Management and Softbank in supporting the company’s continued expansion in India.
The news comes from Didi Kuaidi, which did not specify the funding size. The investment is part of Ola’s latest fundraising goal, a $500 million USD at a valuation of approximately $5 billion USD.
It comes as Didi Kuaidi seals a series of new partnerships with both Chinese and global companies across different sectors, re-branding itself as a comprehensive mobile transportation platform this month.
As a part of its international ride-sharing collaboration program, Didi Kuaidi just inked a strategic investment and business partnership with Lyft, Uber’s arch-rival in the U.S. It also shares the same investment family as GrabTaxi, another leading taxi app in the Southeast Asian market. The investment in Ola adds a leg up to Didi Kuaidi in its competition against Uber as they grapple for market share beyond Chinese market.
Moreover, Didi Kuaidi’s global partnership is not only limited to its home turf in ride-sharing sector. The company just signed a deal with LinkedIn for a partnership covering product integration, technology, recruitment, and brand development. It is also in a partnership discussion with China’s food delivery service Ele.me.
Co-founded in 2011 in Mumbai by Bhavish Aggarwal and Ankit Bhati, Ola runs an internet-based platform that gives passengers access to taxis, leased cars and motorized rickshaws from PC and smartphone apps. Ola claims to be a leader in India’s ride-hailing business with a dominating 80% market share, processing 750,000 rides per day through a network of 320,000 cars across more than 100 cities.
Ola intends to fund its continued expansion across India with the new capital. The company recently announced a plan to invest $75 million USD in a new car leasing program, which is expected to add 10,000 additional drivers to its national network.
Image Credit: Ola