Taxi hailing service Uber Technologies Inc [UBER.UL] has received fresh investment from Tata Opportunities Fund, a private equity fund advised by India’s Tata Capital, as it expands its business, the companies said.

The companies did not disclose the amount of investment but a source close to the matter said it was between $75 million and $100 million.

Uber is also planning to increase the number of rides in the country to more than a million per month in the next six to nine months, the company’s India president, Amit Jain, told Reuters.

Industry sources said the company was averaging about 200,000 trips a month in India currently.

(Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Anupama Dwivedi)

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Related Posts

Facebook Comments

Return to Top ▲Return to Top ▲