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Uber Gets Investment From Tata Fund to Expand in India

A range of big investors including China’s sovereign-wealth fund are backing Uber’s rivals in Asia, WSJ

Uber CEO Travis Kalanick works with fourth graders during Cooking Matters,   a nutrition class taught by 18 Reasons,   a local partner of Share our Strength at Glen Park Elementary School in San Francisco

Tata Capital on Wednesday said it has invested in US-based taxi hailing application company Uber .

The investment by Tata Opportunities Fund (TOF) will allow Uber to benefit from its network in the country, without elaborating. ata Capital is part of the $109 billion coffee-to-cars conglomerate with over 100 group firms.

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This is the first investment by TOF in a global company with headquarters outside India. The firm did not disclose the amount it is investing in Uber but Bloomberg claims “significant investment”

The fund typically invests up to $100 million in its deals, its managing partner Padmanabh Sinha said.

The investment is expected to fuel the growth of the world’s largest taxi services provider in the Indian market.

According to a press release from the Tata group entity, the partnership is a milestone for both firms.

“Right now, we’re particularly focused on building a great service for hundreds of millions of Indians, ” Uber Chief Executive Officer Travis Kalanick said in the statement. “Tata’s leadership and experience will be crucial in helping us meet this important goal.”

Uber, which launched operations in India less than two years ago, has a presence in around 18 cities in the country. India is its second biggest market outside the US.

Recently, Uber committed around $1 billion investment in India over the next nine months to expand its presence.
Earlier, the company also said it would invest $50 million in building a support centre in Hyderabad.

With its current base of over 150, 000 driver entrepreneurs and continued robust 40 per cent month on month growth, Uber has a significant market share in the Indian market.

With a valuation of over $ 50 billion, Uber is a highly valued start-up in the globe. It offers services in over 60 countries and 330 cities around the world.

The Tata Opportunities Fund (TOF) is a third-party private equity fund with a mandate to invest into exclusive situations with businesses which benefit from TOF’s relationship with the Tata group.

A range of big investors including China’s sovereign-wealth fund are backing Uber’s rivals in Asia. WSJ’s Rick Carew reports on the latest fundraising by Singapore’s GrabTaxi.

Uber

Uber CEO Travis Kalanick works with fourth graders during Cooking Matters,   a nutrition class taught by 18 Reasons,   a local partner of Share our Strength at Glen Park Elementary School in San Francisco

Shares in the nation’s biggest lenders have

been sliding for about a year, and then fell

off a cliff in the last two days when the

Athens stock exchange reopened for

business for the first time in five weeks.

The More…

UBER UK

Should Uber drivers be classified as

employees or independent contractors?

The ride-hailing company has always

leaned towards the latter, because it

means it can avoid paying potentially

expensive staff benefits,  More…

Kate Upton 2

A number of celebrities, including Kate

Upton, Neil Patrick Harris and Ashton

Kutcher, have taken to Twitter to defend

the popular ridesharing service Uber

against plans to curtail it in New York

City More…

L-R Howard-Schultz Starbucks,   and  LYFT founders John Zimmer,   Logan Green

Starbucks and Lyft, announced a new,

multi-year partnership, that will increase

value for current customers, attract new

customers, reward Lyft drivers and

explore a transportation benefit for

partners More…

An illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign

Uber won. New York City Mayor Bill de

Blasio has dropped his proposed bill

that would have capped the growth of

car service companies like Uber while

the city studies their impact on congestion.

Uber won’t be More…

Uber

The ride-booking app Uber is fighting

New York’s city hall, which wants to

keep in check a fleet of vehicles that

already far outnumbers the Big Apple’s

trademark yellow cabs. Local authorities

More…

uber driver1

Uber can now be sued by taxi cab

companies over the service’s claims

that it offers the safest rides for travelers.

Jon Tigar, a Federal District Court judge

in San Francisco, issued the ruling More…

uber driver1

Uber was fined $7.3 million on Wednesday

by a court in California. The ride sharing

service was given the financial penalty

for refusing to reveal certain information

about its practices in that State More…

Uber CEO Travis Kalanick works with fourth graders during Cooking Matters,   a nutrition class taught by 18 Reasons,   a local partner of Share our Strength at Glen Park Elementary School in San Francisco

Uber has reached an out of court settlement

in the wrongful death suit by the family of

Sofia Liu. The 6 year old girl was killed after

she was hit by a car driven by an Uber driver.

On New Year’s More…

uber_NYC

Mexico City could become the first city in

the world to limit the number of Uber cars.

This according to an exclusive report in

Reuters. The city is considering draft

legislation which would also set More…

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