Tata’s equity investment fund (Tata Opportunities Fund – TOF) has made a US$100m investment in Uber, a move that will help to extend Uber’s reach in India, where it currently has 150,000 drivers in 18 cities.
Uber said earlier this year that it in July it is investing $1bn in the Indian market, its largest outside the US.
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“Tata is synonymous with entrepreneurialism in India and I am incredibly excited to have the Tata Opportunities Fund on board as a partner,” said Uber chief executive Travis Kalanick, in a statement.
“Our goal is simple: reliable and affordable transportation at the push of a button everywhere, for everyone. Right now, we’re particularly focused on building a great service for hundreds of millions of Indians – Tata’s leadership and experience will be crucial in helping us meet this important goal.”
Analysts say that Uber is partnering with powerful local companies to assist its entry into local markets. In China it has partnered with Internet giant Baidu. In India, Uber and Tata can work together on vehicle finance programmes as well as combine to help Uber overcome regulatory hurdles. Around the world, Uber is meeting some resistance from cab operators and government regulators.
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