Tata Opportunities Fund (TOF), the private equity fund sponsored by India-based conglomerate Tata Group, has invested $100m in US-based ride sharing service Uber Technologies, the Wall Street Journal reported yesterday.
Uber confirmed the funding in a statement on its website but has not disclosed the precise amount supplied by TOF. The investment is the first TOF has made in a company based outside of India.
Uber was founded in 2009 and entered India in 2013, since signing up some 150,000 drivers to a service that spans 18 cities, more than any other market outside the US.
The company has a market share of more than 35% and has reportedly set aside $1bn to expand that share this year.
Padmanabh Sinha, managing partner of TOF, said in a statement: “Uber’s technology continues to transform the way millions of people commute while creating economic opportunities for hundreds of thousands of first time entrepreneurs (drivers and owners), who value the flexibility it offers.
“We look forward to working with the team on innovative new opportunities to help both riders and drivers.”
Uber has raised more than $5bn in equity funding, $1bn of which came from a round closed earlier this month featuring backers including software provider Microsoft and India-based media conglomerate Times Group. It has not revealed whether TOF’s investment made up part of that funding.