That deal shocked investors and executives at Ola, which counts Didi as a small but strategic investor. The Uber-Didi deal may have violated the shareholder agreement the Chinese company signed with Ola, Mint reported in August 2016. Ola and Uber India are spending massive capital on driver incentives and customer discounts to popularize cab-hailing. Clearly, this level of spending is unsustainable but losing market share is also unpalatable for both Ola and Uber. Uber claims it is bigger than Ola but executives and investors at Ola claim that Uber is less than half of Ola’s size.

Source: Mint July 26, 2017 23:26 UTC