Date
27 May 2017
Uber serves 18 Indian cities, more than in any other country outside the United States. The service was launched in the country two years ago. Photo: Internet
Uber serves 18 Indian cities, more than in any other country outside the United States. The service was launched in the country two years ago. Photo: Internet

Indian private equity fund invests in Uber

Indian private equity investor Tata Opportunities Fund (TOF) is buying into Uber for an unspecified sum, its first investment in a global company outside the country.

The companies announced the deal in a press release Wednesday but gave no further details.

The partnership allows Uber to expand its business in India by leveraging TOF’s network within the wider Tata Group, according to the announcement.

Tata Group, a diversified conglomerate comprising 106 operating companies, operates in more than 100 countries across six continents.

Uber, launched in India less than two years ago, serves 18 Indian cities, more than in any other country outside the United States.

The ride-hailing company has a 35 percent market share in India, growing 40 percent month on month, it said.

Padmanabh Sinha, managing partner of TOF’s advisory team, said Uber has grown at such an astonishing rate and continues to lead the way in the internet economy.

“Our goal is simple: reliable and affordable transportation at the push of a button everywhere, for everyone,” he said.

– Contact us at [email protected]

RA

EJI Weekly Newsletter

Please click here to unsubscribe