Didi operates in 400 Chinese cities and works with more than 14 million Chinese car owners. While Didi jumped out to lead in China, Uber is spending heavily to catch up and has said the country could eventually become its largest market. The company formed an international coalition with Lyft Inc. in the US, India’s Ola and Southeast Asia’s Grab to fight a globally expanding Uber. Didi will be profitable “soon,” vice president of strategy Stephen Zhu said at a Credit Suisse Asian Investment Conference in Hong Kong last month, without giving a specific time frame. Both need capital to pay for recruiting drivers and subsidizing customer fares.

Source: Mint May 12, 2016 21:52 UTC