Didi Kuaidi has confirmed that it has invested in Ola. The amount of investment has been left undisclosed. However, earlier in the month, TOI had reported that Didi would invest somewhere around $30 Mn in Ola.
As per the reports sufficing the media, Ola was on a lookout to raise over $500 Mn at a valuation of $5 Bn to expand in the country. Of which Ola had raised $225 Mn led by existing investor Falcon Edge Capital. Besides, Tiger Global Management LLC, Softbank and six other investors also participated in the round.
“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.
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