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Business

India's Ola sideswiped by Uber-Didi hookup

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Business

India's Ola sideswiped by Uber-Didi hookup

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COMING UP:India's Ola sideswiped by Uber-Didi hookup

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00:00:02
>> Uber's got its eye on the next big prize. Last week, its China business was bought up by Didi Chuxing, but there is always its number two overseas market, India. Uber's now going full throttle on the subcontinent. Reuters' Euan Rocha says that's bad news for the country's home grown ride hailing company Ola.
00:00:20
>> Now that Uber's kind of seeded or combined forces with Didi in China, India becomes the big game for them. This is where all the growth lies, and this is the market, or this is the one international market that they are really going to throw their heft behind right now.
00:00:35
>> For Uber, that means building a new engineering center, hiring more workers, and even apparently bringing on an ex-Google executive. In order to keep up, Ola needs money. It used to have big ally in the fight against Uber world domination, Didi Chuxing. The Chinese company invested about thirty million in Ola last year, but after the Uber China deal, that alliance is in question, along with potential for more investment.
00:01:00
>> Ola was looking to raise a billion dollars this year so that it could compete better against Uber in the Indian market because Uber, as we all know, has a very, very large pot of money that it can tap from. The big challenge for them is with Didi now tied up or embedded in a sense with Uber in China, fundraising or raising a billion dollars could really prove to be a bit of challenge for the company this year.
00:01:25
>> Ola today has got about half the country's $12 billion taxi market, but Uber's catching up fast with around 30%. Experts warn that, if Ola wants to stay ahead, it's going to have to find a lot more money to put in the game, and fast.
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