China And India’s Most Popular Ridesharing Apps Didi Kuaidi And Ola Unite …

28 Sep 2015 | Author: | No comments yet »

China’s biggest ride-hailing company has invested in Uber’s rival in India.

The investment in Ola – which controls nearly 80 percent of India’s taxi-hailing business and reportedly completes more than 750,000 rides per day – is the latest in a series of bets made by Didi Kuaidi to apply brakes to Uber’s frenetic growth. The two were also rumored to be working on similar partnerships with Ola and GrabTaxi, the main player in Singapore, though Lyft co-founder John Zimmer declined to answer when asked during a press event to announce the deal with Didi Kuaidi. Asian countries like India and China have recently become a new focus for ride-hailing companies that are hoping to capitalize on the large populations and low car ownership rates. In China, for example, there are 100 cities with populations of 1 million or more, but less than 10% of the population owns a car, according to Didi Kuaidi.

Uber’s China arm is closing a $1 billion fundraising round, according to Reuters, a sign it is ready to keep expanding in the country despite strong competition. Not surprisingly then, Uber announced earlier this year that it plans to invest at least $1 billion into its expansion in India, and the same amount in China, and is well along in its fundraising goals. Under the program, the subsidiary will buy cars and lease them out to Ola drivers, helping Ola to attract more drivers and giving it greater control over its fleet. Ola has also differentiated itself by offering supplementary services including a shuttle run, cashless payment and Wi-Fi in some cars, as well as a cafe service available through the app.

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