Didi Kuaidi, the Chinese ride-hailing app, has become an investor in its Indian counterpart Ola – raising the stakes as Uber tries to gain a greater toehold in Asia.
The size of the investment was not disclosed but the funds will help Ola expand in India, Didi Kuaidi said in a statement on Monday. Ola is already India's biggest taxi-hailing business, with 750,000 journeys a day in taxis, leased cars and motorised rickshaws giving it an 80 per cent market share.
Despite this dominance, the move highlights the intensifying competition among ride-hailing companies in Asia as US firm Uber ramps up its efforts in the Chinese and Indian markets. Chief executive Travis Kalanick has described both as the company's most important global growth markets.