If you live in the U.S., the chances are that your definition of the biggest rival to Uber is Lyft. The ride-sharing service operates in many of the same U.S. cities as Uber, and the two have a keenrivalry, which includes some less-than-ethical practices on both sides. But a new, less obvious, force has emerged out of Asia to offer Uber its stiffest competition yet: and surprisingly it is a telecom company.
SoftBank had no business in taxi-hailing apps until October 2014 when it led a $210 million investment in India’s Ola. That deal was announced as the first investment in SoftBank’s program to put $10 billion into startups in India. At the time, Ola appeared to be just one of a number of deals in India — while that is true, it also turned out to be the first of an expensive set of investments in companies rivals that rival Uber.
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