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Five things to know about Uber’s regional rivals
The ride-hailing app might dominate the headlines but is it beginning to lose out on the street?
1. Didi Chuxing: Launched in 2012 and backed by Japanese technology conglomerate SoftBank, the Chinese ride-hailing app has 450 million registered users (in a country of a billion mobile phone users) and 21 million drivers – compared to 2.6 million licensed cab drivers. Its latest valuation was $56bn, more than Uber with its 75 million users.
2. Taxify: This Estonian start-up is now backed by the aforementioned Didi Chuxing. Last October, it added Paris to its portfolio and had 2,000 drivers already signed up and a waiting list of 3,000 more. Why? Well, it takes 10 percent less off its drivers and is cheaper for users. It is now present in Riyadh, too.
3. Grab: Founded in 2012 in Malaysia before moving to Singapore, Grab now serves 168 cities across eight countries, mainly in Southeast Asia. It claims it has a 95 percent market share in that region and is responsible for nearly three million daily rides. It has raised $4.1bn so far in funding – and now owns a stake in Uber.
4. Careem: Not something that really needs any introduction, Dubai-based Careem was founded in 2012 and offers its service in more than 80 cities in the MENASA region. Its various funding rounds, which values it at $1.2bn, includes $150m by Prince Alwaleed Bin Talal’s Kingdom Holding. Its network numbers more than 250,000 drivers.
5. Ola: One of the earliest pretenders to Uber’s crown, Ola now operates in nearly 100 cities in India and is by some distance the largest ride-hailing app in South Asia. Now looking to challenge Uber in Australia, it is in talks with Singapore’s sovereign wealth fund Temasek to raise another $1bn in funding.
