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.
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