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.

 

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Biplab Ghosh

Biplab lives his life around technology and is particularly keen to explore the intersection of technology and human behaviour. Always looking for new ideas, and ways that can make things simpler. He is a geek with the flair for travel and has great passion for music and theatres.

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