Tata Opportunities Fund (TOF) in a statement said it will make a "significant" investment in US-based taxi hailing app Uber. While the companies did not give amount invested, sources said the funding could be between USD 75 million and USD 100 million.
The funding will allow Uber to benefit from its network in the country, Tata Capital, part of the USD 109 billion coffee-to-cars Tata Group with over 100 group firms, said without elaborating.
TOF is the second Indian entity to invest in Uber after The Times of India group's Times Internet bought a small stake for about Rs 150 crore in the US-based company in March.
"This is TOF's first investment in a company based outside India. We are delighted to support Uber's growth and continued success around the globe, more recently in China and India.
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Interestingly, Tata group Chairman Emeritus Ratan Tata is an investor in Uber's rival Ola, in his personal capacity.
"Tata is synonymous with entrepreneurialism in India and we are incredibly excited to have TOF on board as a partner. Right now, we are focusing on offering a great service, backed by security and easy payment and hassle-free payment options," Uber India Head Amit Jain said.
Last month, the company had announced an additional investment of USD 1 billion in India as it targets one million rides a day in 6-9 months.