Uber’s Chinese rival Didi Kuaidi has finally made an undisclosed amount of investment in Ola with participation from other investors including Falcon Edge, GIC, Tiger Global Management and Softbank. Softbank is the common investor in many of the firms that are taking on Uber across US and Asia. It had stakes in Didi, Ola and Malasia-based GrabTaxi.
In August 2015, Didi invested in Southeast Asia’s GrabTaxi. Then, a month later, it backed Uber’s US rival Lyft to extend competition with Uber to the United States. Now, it owns a stake in every major Uber rival except Easy taxi and Hailo.
The new funding in Ola will help it to continue its expansion in India where it claims to own 80% of the market share. Ola recently announced that it will invest $75 million in a leasing program through which at least 10,000 cars are expected to be on-road under this model. Ola’s services in India include traditional taxi services, rickshaws & shuttle services and also planning to add motorcycle taxis and ridesharing services.
Ola has raised under $1 billion and with this new funding it looks to take over on Uber India. Uber has also committed to invest $1 billion into its India operations by the first quarter of 2016 to grow its business in the country. Now, let see who will be the leader in the market.
Here is a table stacking up Uber and its competitors around the world, before Didi Kuaidi’s investment in Ola.
|Company||Founded in||Headquarters||Funds Raised (In $Bn)||Current Valuation (In $ Bn)||Investors||# of Countries Operational|
|Uber||2009||San Francisco, USA||8.2||51||Baidu, Blackrock, KPCB, Fidelity, Menlo among others||60|
|Didi Kuaidi||2015||Beijing, China||4.4||16||Softbank, Tiger Global, Alibaba, Tencent among others||1|
|Ola||2010||Bengaluru, India||0.9||5||Softbank, Tiger Global, FalconEdge, among others||1|
|Lyft||2012||San Francisco, USA||1||2.5||ICahn, Alibaba, Didi Kuaidi, Tencent, A16Z among others||1|
|Grab Taxi||2011||MidView City, Singapore||0.68||1.5||Softbank, Tiger Global, Didi Kuaidi among others||6|