Uber opens wallet to counter Rapido's surge

The battle for market share in India’s ride hailing industry between American giant Uber and homegrown Rapido has intensified, even as the once-dominant position of the country’s first major ride-hailing service—Ola Cabs—steadily erodes.

- Ayaan Kartik

In a bid to bulk up its financial firepower, Uber has pumped nearly ₹3,000 crore into its India unit in recent months to take on the challenge from Bengaluru-based Rapido, which entered the current fiscal year with a stronger cash position and has rapidly gained market share.

The Indian unit of US-based Uber Technologies Inc got ₹2,721 crore in January from Uber BV, the Dutch arm of Uber.