AAA Times Internet hitches ride on Uber

Times Internet hitches ride on Uber

Times Internet, the digital subsidiary of media company Times of India Group, invested an undisclosed amount in US-based ride hailing app operator Uber today as part of a strategic partnership.

The agreement was made by Times Global Partners, the Times Internet initiative which aims to facilitate digital startups’ entrance into India, and consists of a commercial marketing deal and a small investment.

Uber currently operates in 11 Indian cities – Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, New Delhi and Pune – but the agreement will facilitate its expansion within the country.

The partnership follows eals with local companies in markets including China, where Uber teamed up with search engine provider Baidu, the US, where it received funding from payments processing service American Express, and Latin America, where it agreed a partnership with telecommunications company AmericaMovil.

Uber has raised approximately $6bn to date from investors also including internet company Google, Goldman Sachs, TPG, Fidelity Investments, Wellington Management, Sequoia Capital, Kleiner Perkins Caufield & Byers, Menlo Ventures, CrunchFund, Lowercase Capital, First Round Capital and Innovation Endeavors.

India’s largest taxi hailing service is currently Ola, which also operates a car sale marketplace, and which secured $400m in funding last week.

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