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