Uber, one of the big players in the online taxi service has raised USD 75-100 million from private equity firm Tata Opportunities Fund.
It was in June, the company had raised USD 1 billion from Hillhouse Capital Group a Chinese based investment firm. Uber has secured USD 5 billion till date, and the company now is valued at USD 51 billion.
Uber CEO Travis Kalanick, said,
“Right now, we’re particularly focused on building a great service for hundreds of millions of Indians — and Tata’s leadership and experience will be crucial in helping us meet this important goal,”
In India, Uber has presence in 18 cities posting 40% growth month-on-month basis. Softbank-backed Ola is Uber’s direct competitor in India which is valued at around $4.5 billion. Till now, Ola has raised around $700 million and is in advanced talks to raise another $500 million. It also acquired its competitor TaxiForSure for $200 mn in a cash and equity deal in March this year.
Earlier this month, Ratan Tata, Chairman Emeritus of Tata Sons, has invested in the company in his personal capacity.