Uber to Invest ‘Substantial Portion’ of $3.5 Billion Funding on India

Uber to Invest 'Substantial Portion' of $3.5 Billion Funding on Indiaon-line taxi aggregator Uber will put money into India a “great element” of the $3.five-billion (kind of Rs. 23,213 crores) funding raised from Saudi Arabia’s sovereign wealth fund, as the united states-based totally firm is seeking to overtake nearby rival Ola.

Uber has raised $3.5 billion from Saudi Arabia’s sovereign wealth fund, valuing the employer at $sixty two.5 billion (more or less Rs. four,20,544 crores) and making it one of the most quite valued assignment capital-sponsored groups globally.

“A widespread portion may be for India. we’ve got grown exponentially over the last two years and continue to be bullish on the Indian market in which we retain to check in extraordinary boom,” Uber India President Amit Jain instructed PTI.

it’s far a international fund and may be used for strategic investments in international priority markets like India, he delivered. “With this funding, we have greater than $eleven billion (kind of Rs. 74,018 crores) in our war chest to spend money on our product and markets to develop and compete,” Jain said.

In July final yr, Uber had introduced an investment of $1 billion in India to expand its services in India. It has additionally set up a response and aid centre in Hyderabad with an funding of $50 million.

Jain, however, did no longer remark if the enterprise has exhausted the earmarked sum.

Uber, which competes with Softbank-backed Ola in India, said the corporation witnessed a 26 times boom in 2015 over the preceding yr.

“India is our 0.33 largest market, after america and China, in terms of variety of trips. Our cognizance is on developing the enterprise here,” Jain stated.