Uber to make investments ‘sizable component’ of $3.5 Billion investment on India

Uber to Invest 'Substantial Portion' of $3.5 Billion Funding on India
online taxi aggregator Uber will invest in India a “big portion” of the $three.5-billion (roughly Rs. 23,213 crores) funding raised from Saudi Arabia’s sovereign wealth fund, as the us-based company is looking to overtake nearby rival Ola.

Uber has raised $three.5 billion from Saudi Arabia’s sovereign wealth fund, valuing the company at $62.5 billion (kind of Rs. four,20,544 crores) and making it one of the maximum rather valued undertaking capital-sponsored companies globally.

“A large component will be for India. we’ve got grown exponentially over the last years and continue to be bullish at the Indian market wherein we maintain to register brilliant boom,” Uber India President Amit Jain instructed PTI.

it’s far a global fund and might be used for strategic investments in global precedence markets like India, he delivered. “With this investment, we’ve greater than $11 billion (more or less Rs. 74,018 crores) in our battle chest to put money into our product and markets to develop and compete,” Jain said.

In July remaining yr, Uber had announced an funding of $1 billion in India to increase its services in India. It has additionally installation a response and aid centre in Hyderabad with an investment of $50 million.

Jain, however, did not remark if the organisation has exhausted the earmarked sum.

Uber, which competes with Softbank-subsidized Ola in India, said the enterprise witnessed a 26 instances boom in 2015 over the previous yr.

“India is our third largest market, after the usa and China, in terms of number of journeys. Our focus is on developing the commercial enterprise right here,” Jain said.

Uber is present in over 460 towns, globally. In China additionally, Uber is going through competition from Alibaba-backed Didi Kuaidi.

apparently, Didi is also a strategic investor in Ola.