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Chinese car-hailing app Didi part of 500 mln USD funding for Indian peer Ola

Xinhua, November 18, 2015 Adjust font size:

China's ride-hailing and ride-sharing app Didi said on Wednesday that it was among a group of investors channeling 500 million U.S. dollars into Indian ride-sharing app Ola.

The Chinese startup declined to specify how much it had invested to the fund that was also featured backers including Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global.

Didi said in late September that it had an undisclosed amount of stakes in the Indian company, following a 100 million dollars investment in Lyft, a ride-sharing service in the United States and 350 million dollars joint investment in Grabtaxi in southeast Asia.

Alongside battling Uber in China, Beijing-based Didi has chosen to invest in Uber's rivals in other countries to compete globally.

Didi is currently valued at 16.5 billion dollars after CEO Cheng Wei announced in September the startup had secured its next round of funding -- to the tune of 3 billion dollars. Endi