Tata Opportunities Fund Invests in Uber Technologies Inc.
19th August 2015, Mumbai, Singapore & San Francisco: Uber and Tata Opportunities Fund (TOF), the flagship private equity fund advised by Tata Capital, today announced that TOF will make a significant investment in Uber, the first such investment made by TOF in a global company with headquarters outside India and underscores the confidence in Uber. The partnership is a milestone for both entities and will help Uber expand its services and solutions in India by leveraging the Tata Opportunities Fund's network within the wider Tata Group as well as externally.
Uber launched in India less than two years ago. Today, the service is available in 18 Indian cities* -- more than in any other country outside the United States. With its current base of over 150,000 driver entrepreneurs and continued robust 40 percent month on month growth, Uber has quickly gained a significant market share in India of over 35 percent.
Commenting on the partnership with Snapdeal, Mr. Pradeep Bandivadekar, COO - Corporate Finance Division, Tata Capital, states "Tata Capital aims to be truly customer-centric by customizing our products and providing superior digital services to our wide range of customers. The partnership with Snapdeal is a step in this direction. We recognize that e-commerce has tremendous potential and are extremely pleased to partner with one of the largest names in the space."
Padmanabh (Paddy) Sinha, Managing Partner of TOF's advisory team in India, said: "The Tata Opportunities Fund is delighted to support Uber's growth and continued success around the globe, more recently in China and India. Uber's technology continues to transform the way millions of people commute while creating economic opportunities for hundreds of thousands of first time entrepreneurs (drivers and owners), who value the flexibility it offers. It is why Uber has grown at such an astonishing rate and continues to lead the way in the Internet economy. We look forward to working with the team on innovative new opportunities to help both riders and drivers".
"Tata is synonymous with entrepreneurialism in India and I am incredibly excited to have the Tata Opportunities Fund on board as a partner," said Travis Kalanick, CEO of Uber Technologies. "Our goal is simple: reliable and affordable transportation at the push of a button everywhere, for everyone. Right now, we're particularly focused on building a great service for hundreds of millions of Indians - Tata's leadership and experience will be crucial in helping us meet this important goal".
Uber's partnership with the Tata Opportunities Fund follows other strategic relationships with Baidu in China, AmericaMovil in Latin America, and American Express in the U.S. Each of these partners bring a deep understanding of their countries and extensive networks that have helped significantly increase the adoption of Uber's services in over 60 countries and 330 cities around the world.
* Ahmedabad, Bangalore, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, Mysore, Nagpur, New Delhi, Pune, Surat, Visakhapatnam.
About Tata Opportunities Fund:
The Tata Opportunities Fund (TOF) is a third party private equity fund with a mandate to invest into exclusive situations with market leading businesses which benefit from TOF's relationship with the Tata group. TOF completed the final close of its fund in early 2013 with commitments of ~USD 600 million from marquee global investors. Excluding this investment, the Fund has till date committed about USD 400 million to multiple sector leaders including: Ginger Hotels, Tata Sky, Varroc Engineering, Shriram Properties, Tata Projects and TVS Logistics. For more information about TOF, please visit tatacapital.com
About Tata Capital:
Tata Capital is a holistic financial services provider catering to the diverse needs of retail, corporate and institutional customers. Its range of offerings includes Consumer Finance, Advisory Services, Commercial Finance, Infrastructure Finance, Securities, Investment Banking, Private Equity Advisory, Credit Cards and Travel & Forex Services. Tata Capital manages about USD 6 billion in advances and a further USD 1 billion in private equity assets. For more information about Tata Capital, please visit www.tatacapital.com.
Uber is evolving the way the world moves. By seamlessly connecting riders to drivers through its platform, Uber makes cities more accessible, opening up more possibilities for riders and more business opportunities for drivers. From Uber's founding in 2009 to its launches in over 330 cities in 60 countries today, Uber's rapidly expanding global presence continues to bring people and their cities closer. uber.com
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