Cab hailing app, Uber has raised a funding round led by Tata Opportunities Fund. The company has left the amount of funding undisclosed.
According to Reuters, Uber has raised somewhere between $75 Mn – $100 Mn in this round.
For Uber, Tata is the second Indian investor, as the company also has private investment arm of Bennett, Coleman and Company Limited i.e. BCCL as one of its investor.
This announcement comes in just a few days after, Uber had raised over $1 Bn in a funding round led by Microsoft & BCCL. The company is currently valued at over $51 Bn with total funding of about $5 Bn being raised till date.
The funding will be used by Uber to globally invest across all markets and also to experiment with new innovations.
Uber, competes with DST Global-backed Ola in India and interestingly, Tata group chairman emeritus Ratan Tata had recently invested an undisclosed amount Ola in his personal capacity.
Uber has recently announced that it will be investing $1 Bn in the Indian market in the next nine months. The company has operations in about 18 cities with over 150k driver entrepreneurs and according to Tata statement, Uber is growing 40% month-on-month and has a market share of over 35%.
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