Company believes business in India will inevitably surpass the U.S.
By Raif Karerat
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Ride-hailing service Uber has once again doubled down on India after the San Francisco-based company announced it has garnered a strategic investment from Tata Opportunities Fund, a third-party private equity fund sponsored by Tata Capital, one of India’s largest wealth management organizations.
While the size of the investment has not been disclosed, it is described as “significant,” according to TechCrunch. Tata Capital is a wholly-owned subsidiary of Tata Sons, a massive conglomerate with stakes in over 100 Indian businesses, including Tata Motors and Indian Hotels.
Uber’s deal with Tata follows last month’s announcement of a $1 billion investment in its Indian operations, which, along with expansion in China, comprise the cornerstone for Uber’s plans for international growth.
Uber currently offers its services in 18 Indian cities, making India the company’s largest market outside of the United States.
“Right now, we’re particularly focused on building a great service for hundreds of millions of Indians,” Travis Kalanick, Uber’s chief executive, said in a statement about the partnership on Wednesday. “Tata’s leadership and experience will be crucial in helping us meet this important goal.”
Meanwhile, representatives from Uber recently informed TechCrunch they expect the company’s business in India will inevitably surpass the U.S. over time, while it is committed to growing its service into tier-two, -three and -four cities in India. Sustained expansion will be a crucial facet of Uber’s plan in India as its chief competitor, Ola, is already closing in on 200 cities served.