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The ride-hailing market has largely been a duopoly between Lyft and Uber in the United States, with the former that owns a roughly 30% market share locked in a fierce competition with the rival for riders as well as drivers.
The order issued by Karnataka’s transport department has set uniform minimum fares for both app-based cabs and city taxis depending upon vehicle cost. This will require ride-hailing companies to rework their business models in the state and search for new ways to remain competitive.