Chinese cab-aggregator Didi Kuaidi invests in Ola

Ola is on a roll of late and their fight for a bigger market share in India couldn't have received a better boost than an investment by Didi Kuaidi. In this new round of funding along with Didi Kuaidi, Ola received funding from Falcon Edge, GIC, Tiger Global Management and SoftBank.

Didi Kuaidi is the largest cab-aggregator in China who recently invested a $100million in Uber rival Lyft. The company has also invested $350 million in South East Asia's GrabTaxi. However both neither Didi Kuaidi nor Ola has come out with the exact amount of funding. Didi Kuaidi claims that it serves 200 million people in China with 7 million rides completed daily. It claims to have a whopping 99% of the Chinese market for taxi hailing, and 82% of all private car hailing. News regarding Didi Kuaidi investment in Ola has been airing for some time now. However it wasn't official till now.

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Speaking about the new investment coming from the Chinese cab-aggregator an Ola spokesman told,

"We welcome Didi Kuaidi as an investor in Ola. We look forward to exchanging learnings from two of the world's largest markets and the tremendous synergies this partnership can bring, towards our commitment of building mobility for a billion Indians".

"Didi Kuaidi believes both India and China are rapidly developing countries with enormous market potentials. We looks to engage local industry champions like Ola to share technology and best practices in product development and operational expertise - all honed from deep market data-driven operations." said Didi Kuaidi in a statement.

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The online cab-aggregator market is turning out to be an interesting one with every passing day. With the new round of investment, Ola can put the foot on the pedal and expand to new cities and add more partners. There's already a heated competition between Ola and Uber, and it would be intriguing to see how the American startup copes up!

Source | Via