Uber and Tata Opportunities Fund (TOF), the flagship private equity fund advised by Tata Capital, today announced that TOF will make a significant investment in Uber, the first such investment made by TOF in a global company with headquarters outside India and underscores their confidence in Uber. The partnership is a milestone for both entities and will help Uber expand its services and solutions in India by leveraging the Tata Opportunity Fund’s network within the wider Tata Group as well as externally.
Uber launched in India less than two years ago. Today, the service is available in 18 Indian cities — more than in any other country outside the United States. With its current base of over 150,000 driver entrepreneurs and continued robust 40 percent month on month growth, Uber has quickly gained significant market share in India of over 35 percent.
Padmanabh (Paddy) Sinha, Managing Partner of TOF’s advisory team in India, said: “The Tata Opportunities Fund is delighted to support Uber’s growth and continued success around the globe, more recently in China and India. Uber’s technology continues to transform the way millions of people commute while creating economic opportunities for hundreds of thousands of first time entrepreneurs (drivers and owners), who value the flexibility it offers. It is why Uber has grown at such an astonishing rate and continues to lead the way in the Internet economy. We look forward to working with the team on innovative new opportunities to help both riders and drivers”.
“Tata is synonymous with entrepreneurialism in India and I am incredibly excited to have the Tata Opportunities Fund on board as a partner,” said Travis Kalanick, CEO of Uber Technologies. “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–and Tata’s leadership and experience will be crucial in helping us meet this important goal”.
Uber’s partnership with the Tata Opportunities Fund follows other strategic relationships with Baidu in China, AmericaMovil in Latin America, and American Express in the U.S. Each of these partners bring a deep understanding of their countries and extensive networks that have helped significantly increase the adoption of Uber’s services in over 60 countries and 330 cities around the world.