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Uber Gets Around $100 Million From Tata Group

Taxi hailing service Uber Technologies Inc 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 day in the next six to nine months, the company’s India president, Amit Jain, told Reuters.1-1 Industry sources said the company was averaging about 200,000 trips a day in India currently. Uber has said it will invest $1 billion in India in the next nine months, matching its investments in China. Wednesday’s investment by the Tata fund is separate from that amount, Uber India President Amit Jain told Reuters. “India is a strategic market for Uber worldwide,” Jain said. “You will see us expand our operations. Getting into more cities, rolling our more products that are focused towards India,” he said.1-3The company has already introduced options like uberGO in India, where commuters can opt for hatchbacks that are more affordable. It also accepts on-the-spot cash and card payments in some cities, a variance from its usual online-payment model. Uber’s Indian drive comes on the heels of Ola’s announcement of its own aggressive push in the country. In April the Bengaluru-based startup raised $400 million from investors led by Russian billionaire Yuri Milner’s DST Global. Ola, which is valued at around $2.5 billion, plans to double the number of cities it operates in to 200 in this fiscal year.

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