Ola gets $500M to battle Uber, investors include Didi Kuaidi
Share on Facebook
Share on Twitter
Share on Google+
Share on Reddit
Share on Email

Photo Credit: Ola

Photo Credit: Ola

This latest round includes many of Ola’s earlier investors, but the most interesting entrant is Didi Kuaidi – this is why

Tech in Asia

Ola, Uber’s rival in India, announced on Wednesday that it had closed $500 million in a series F funding round.

Investors include Didi Kuaidi, Uber’s rival app in China, Baillie Gifford, Tiger Capital, SoftBank Group, FalconEdge Capital, and DST Global. Ola currently claims a million booking requests a day, with over 350,000 vehicles using its service. It works across 102 cities in India.

Ganging up

This latest round includes many of Ola’s earlier investors, but the most interesting entrant is Didi Kuaidi. Formed after a merger of two ride hailing companies, Didi Dache and Kuaidi Dache, Didi Kuaidi is Uber’s biggest rival in China. It has raised over $4.42 billion in funding from investors like Alibaba and Tencent and has investors SoftBank, DST Global, and Tiger Capital in common with Ola.

Didi Kuaidi has also invested in other Uber competitors, including $100 million in Lyft, a ride-sharing app based in the United States. It also participated in Southeast Asian challenger GrabTaxi’s $350 million round.

Earlier this year, Ola acquired its Indian competitor TaxiForSure for $200 million. It’s now raised $1.3 billion in funding, the large majority of which has been raised in the past year.

Uber announced in July that it plans to invest $1 billion into its own India operations.

Editing by J.T. Quigley, featured image by Emanuele

This post was originally published on Tech in Asia

Share on:Share
Share on Facebook
Share on Twitter
Share on Google+
Share on Reddit
Share on Email
Meghna Rao

About Meghna Rao


Born in New York and working in India, Meghna loves innovation, writing and different types of okra-based dishes. She also suffers from an irrational fear of writing too much about herself online. “What if something changes?,” she asks. “I can’t have the Internet documenting my every move.”

More Goodies From Funding


Top 10 Philadelphia startups ring loudly

Top 10 Kansas City startups spread across two states

What does your car have to say about you?