Tata Opportunities Fund invests in Uber Technologies
NEW YORK: Tata Opportunities Fund (TOF), the flagship private equity fund advised by Tata Capital, is investing in taxi-booking firm Uber Technologies. The fund did not disclose the size of the investment.
TOF has a corpus of $600 million, of which it had already committed around $400 million across six deals. This investment is the first in a global company for TOF. The fund has made investments in Ginger Hotels Ltd, Tata Sky DTH India, Varroc Engineering Pvt. Ltd, Shriram Properties Pvt Ltd, Tata Projects Ltd and TVS Logistics. "The Tata Opportunities Fund is delighted to support Uber's growth and continued success around the globe, more recently in China and India," Padmanabh Sinha, managing partner of TOF's advisory team in India, said in a statement.
The capital raised from TOF will help Uber expand its services and solutions in India, the statement said. Uber launched in India less than two years ago and has services in 18 cities in the country. Uber has more than 150,000 drivers and been registering 40% growth on a month-on-month basis, the statement added. "Our goal is simple: reliable and affordable transportation at the push of a button everywhere, for everyone.