Uber Technologies Inc. has raised up to $100 million from Indian private-equity firm Tata Opportunities Fund, a person familiar with the matter said, as it seeks to accelerate its ride-hailing business in the company’s biggest market outside the U.S. by cities served.
The San Francisco-based company’s India President Amit Jain on Wednesday declined to say how big the investment would be but said it would allow Uber to “expand and grow into more cities” and to roll out “many more products that are customized to the India market.”
Tata Opportunities is investing between $75 million to $100 million in Uber globally, a person with knowledge of the figures, who asked not to be named, said.
Late last month, Uber announced plans to pour $1 billion into India, a country where the firm has faced regulatory hurdles to its operations but which it regards as one of its most-important markets.
Padmanabh Sinha, managing partner of the advisory team at Tata Opportunities Fund, said the regulatory risks faced by Uber around the world were the “biggest focus” for the fund before deciding to invest.
Mr. Jain said Uber was working with regulators in India who are formulating new guidelines to allow app-based transport aggregators to operate.
(Published by The Wall Street Journal - August 19, 2015)