If ride-hailing company Uber’s serious intentions about its business in India weren’t clear enough, they should be now: the company has raised $100 million in new funding from Tata Opportunity Fund, according to media reports.
Tata Opportunity Fund is a private equity firm that’s part of Tata Group, an Indian conglomerate whose businesses include car manufacturing, telecom providers, and more. This is Tata Opportunity Fund’s first investment outside of India, according to the Economic Times.
Uber has not confirmed the amount of funding, though the Financial Times and the New York Times‘ sources peg it at $100 million.
Uber recently said it plans to invest $1 billion into its operations in India, a country where it has faced legal and regulatory issues, and where a local rival, Ola, has also raised significant war chests. In late May, the San Francisco-based company appointed Amit Jain, the former president of Rent.com, to head its operations in India.
“Tata is a strategic partner for us and we will be leveraging Tata’s businesses to grow faster,” Jain told the Economic Times. For Uber, Tata can prove to be of great help with vehicles, regulations, and other business areas the conglomerate has years of experiences in and relationships to help navigate. In December 2014, the company faced a temporary ban in New Delhi following a passenger’s allegations of rape from a driver. Uber resumed operations in January, though with new sexual harassment allegations, it’s unclear how long it will keep regulatory backlash at bay.
Uber is also making similar investments in China, where local competitors are also fiercely battling the company. On Wednesday, Didi Kuaidi, one such local rival, said it’s investing $350 million into GrabTaxi, a ride-hailing company in Singapore.
