Tata invests $100m in Uber to fuel India expansion
The equity investment fund of India's Tata Group is the latest corporation to hitch a lift with Uber.
Tata's Opportunities Fund (TOF) has made a $100m (£64m) investment in the controversial billion-dollar startup, allowing the company to extend its reach in India, where it currently has 150,000 drivers in 18 cities and holds a 35 per cent share of the taxi app market.
Uber said in July it was investing $1bn in the Indian market, its largest outside the US, with 40 per cent growth month-on-month growth.
Read more: Uber targets second largest market growth with Times of India partnership
"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.
“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.”
Uber struck a similar deal with Chinese internet giant Baidu to speed up growth in the country and compete with homegrown rivals. In Latin America it partnered with AmericaMovil.
Elsewhere, Uber is facing the attention of government regulators, including in Hong Kong, France and the UK, where protests by black cab drivers have taken place.