Didi Kuaidi, the largest ride-hailing company in China, has made an investment in Ola, the eminent ride-calling app in India. The company is joining other investors who have invested in the app including Tiger Global Management, Falcon Edge, Softbank and GIC, in the latest funding round of Ola.
The company did not disclose the size of the investment but Times of India had earlier reported that it could be as much as $30 million. It highlighted that they were committed to working with leading local industries such as Ola to champion and share technological innovation, and to develop products that would improve the investment industry.
This investment comes nearly a month after Didi Kuaidi made another investment in Malaysia-based GrabTaxi. Local investors in the region have been joining efforts to invest in the ride-hailing industry so as to offer stiff competition to Uber’s plan to expand its services in Asia. According to Uber, a San Francisco-based startup, their business operations in Asia are soon expected to surpass those in the United States. This shows a great opportunity for investors interested in the industry. Uber also revealed that they would invest $1 billion in India and over $1 billion in China.
The competition to Uber is not only coming from Asia but also from the United States. In earlier September, Didi Kuaidi extended their Uber’s competition to the United States by investing $100 million in Lyft, Uber’s largest competitor in the U.S. This was part of the $3 billion funding round done by Lyft. Only time will show the outcome of this ongoing strong competition between Uber Technologies and the global alliance.