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Didi Kuaidi snaps up stake in Ola
This week in unicorns, Chinese decacorn Didi Kuaidi and its backers have turned their fight against Uber all the way up to 11.
According to TechCrunch, China’s largest ride sharing firm taken part in funding round worth about $500 million for India’s dominant ride-hailing app, Ola.
How much the Beijing-based company invested in Ola is still unknown, what we’re sure of though is that the round valued the Bangalore-based firm at $5 billion, making it one the largest ride-app companies currently going.
This is the latest salvo in a war being waged against Uber being waged by a global consortium that also includes the likes SoftBank, Alibaba and Singapore fund Temasek. As the raging quinquagintacorn continues to scale up, the coalition has been backing Uber's competitors in all its key markets – including Uber’s home turf.
Didi inked a deal with US-based Lyft this month that will allow the two companies to shares riders across the world, and just to be sure, it invested $100 million in the firm as well. It also injected an unspecified amount of cash in Southeast Asia’s GrabTaxi, an investment that will surely cement Didi’s place in the region’s burgeoning car service arena.
How Uber will respond to this is anyone’s guess, but given Didi’s great choice of investments, CEO Travis Kalanick is no doubt having some sleepless nights.
Photo: Abhijit Patil