Did Kuaidi, the largest ride-hailing service in China is about to raise $1 billion the same amount that Uber spent last year for its expansion. It is going to be a tough competition for both companies since they are being backed up by other large companies such as Alibaba and Tencent Holdings Inc.
Uber recently announced that it has allocated $1 billion to expand its operations in China. Like that is not big enough, the company will also be setting aside another $1 billion to strengthen its business in India.
US-based ride-sharing company Uber and its local rival Ola's licence applications has been rejected by the Delhi government, according to Reuters.
Uber is testing cash payments in India as the online taxi-hailing company seeks a stronger foothold in a country where many fewer people have credit cards than internet connections.
India's biggest online cab-hailing service Ola has raised about $314 million in a fresh funding round from investors led by Russian billionaire Yuri Milner's DST Global, a company filing showed.