1. Uber India gets Rs 52 cr fund investment from US based cab aggregator; aggressive rates set to continue

Uber India gets Rs 52 cr fund investment from US based cab aggregator; aggressive rates set to continue

San Francisco based cab aggregator, Uber Technology has pumped in Rs 52 crore into its India business unit.

By: | Bengaluru | Published: July 8, 2017 5:04 AM
Uber, Uber news, Uber latest news, Uber india, Uber india investment, cab, cab india, cab companies, ola The fresh funding may put a lid over the speculation that Uber may no more show its famed aggressiveness in the Indian market, after its co-founder and CEO Travis Kalanick had resigned. (Reuters)

San Francisco based cab aggregator, Uber Technology has pumped in Rs 52 crore (about $7.9 million) into its India business unit. The development comes close on the heels of Uber completing five billion trips worldwide. The fresh funding may put a lid over the speculation that Uber may no more show its famed aggressiveness in the Indian market, after its co-founder and CEO Travis Kalanick had resigned. According to the RoC filings, Uber’s Netherlands based subsidiary, Uber Holdings International BV and Uber International BV have put in Rs 45.2 crore into Uber India Systems Private. Besitz Holdings BV & Mieten BV have infused another Rs 6.4 crore into Uber India Technology Private. The funding comes at a time when scores of Indian driver partners of cab hailing companies feel disappointed over insufficient incentives. For Uber, India has become its most important international market after US, after it sold its China business to local rival Didi Chuxing last year. In 2015 Uber had said that it will invest $1 billion in India. Last year it added that it will pump an additional $1 billion into the Indian market. Its Indian rival Ola had recently raised $350 million in a round led by existing investor SoftBank.

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