Mumbai/Singapore/San Francisco, Aug 19 (IANS) Private equity fund Tata Opportunities Fund (TOF) on Wednesday announced significant investment in Uber to expand the global app-based cab aggregator’s services in India.
“The Tata Opportunities Fund is delighted to support Uber’s growth and continued success around the globe, more recently in China and India,” Padmanabh Sinha, TOF’s managing partner, said in a statement.
However, the financial data points of the investment were not divulged.
Uber will leverage TOF’s network within the Tata Group and externally as well.
“Tata is synonymous with entrepreneurialism in India. I am incredibly excited to have the Tata Opportunities Fund on board as a partner,” Travis Kalanick, CEO, Uber Technologies, said.
Uber’s partnership with TOF follows its other strategic relationships with Baidu in China, AmericaMovil in Latin America, and American Express in the US, the statement said.
Uber commenced its Indian operations two years ago and currently operates in 18 cities, including Surat, Visakhapatnam, Kochi, Indore and Nagpur.