MUMBAI (By Nivedita Bhattacharjee, Reuters) – Taxi hailing service Uber Technologies Inc [UBER.UL] has received fresh investment from Tata Opportunities Fund, a private equity fund advised by India’s Tata Capital, as it expands its business, the companies said.
The companies did not disclose the amount of investment but a source close to the matter said it was between $75 million and $100 million.
Uber is also planning to increase the number of rides in the country to more than a million per month in the next six to nine months, the company’s India president, Amit Jain, told Reuters.
Industry sources said the company was averaging about 200,000 trips a month in India currently.
(Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Anupama Dwivedi)