Didi Kuaidi, China’s most popular cab app ,has confirmed that it has invested in Ola.
Ola will likely use the capital raised to diversify its offerings beyond the core taxi-booking business. It is planning to launch motorcycle taxis, a shuttle bus service and a car-pooling feature on its mobile application.
“Didi Kuaidi believes both India and China are rapidly developing countries, with enormous market potentials,” the company said in a statement.” It further added, “Didi Kuaidi 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.”
Didi will join Ola’s existing investors which include Falcon Edge, GIC, Tiger Global Management and SoftBank in the latest funding round.
“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,” the Bangalore-based Ola said in a statement on Monday morning.