Didi deal frees Uber to key Indian market
Didi's acquisition of Uber China allows the San Francisco-based company to redirect its efforts at challenging homegrown Indian competitor Ola.
Foxconn Technology' subsidiary Forteq Holdings had invested USD 119.9 million in Didi Chuxing for a 0.355% stake in the Chinese car-hailing company.
US ride-hailing firm Uber said that recent deal with Didi would allow it to invest more in India, where it has recorded rapid growth this year, according to a letter to investors obtained by Reuters.
Didi's acquisition of Uber's Chinese business last month ended a cutthroat battle there, allowing the San Francisco-based company to redirect its efforts at challenging homegrown Indian competitor Ola.
India, a nation of 1.3 billion whose population is set to overtake China's by 2022 according to the United Nations, poses a unique set of challenges to ride-hailing firms.
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