Continuing to forge numerous global partnerships, in a speculated bid to circle Uber, China’s Didi Chuxing has now confirmed that it has invested an undisclosed sum into Ola. This comes just weeks after Didi made a similar investment into Uber’s US rival Lyft.
While the amount remains undisclosed, VentureBeat reports that the money appears to be going into Ola’s recently announced plan to invest $75 million in a new car leasing program, which is expected to add 10,000 additional drivers to its national network.
Didi said in a statement,
Didi Kuaidi believes both India and China are rapidly developing countries with enormous market potentials. 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 Kuaidi’s investment appears to be a part of Ola’s current round, which has already seen $225Mn being pumped in by existing investor Falcon Edge Capital. The New York-based hedge fund is joined in the latest round by Ola’s other existing investors Tiger Global Management LLC and Softbank Corp. and six other investors, as per filings at the RoC.