Tata Opportunities Fund invests in Uber

Financial details of the deal have not been disclosed. This is TOF's first investment in a company headquartered outside of India. In a statement, Tata said that Uber plans to expand its operations within India both with the new funds and by taking advantage of TOF's network and connections within the environment of the Tata Group as a whole.

Uber launched in India less than two years ago and currently operates 18 cities in the country, more than in any country outside the US. The company claims to have a market share in India of more than 35 percent.

However, Uber faces competition from a number of local companies offering a similar service. One notable example is Ola, which last month received an investment of an undisclosed amount from Ratan Tata, chairman emeritus of Tata Group holding company Tata Sons. Ola operates in over 100 cities, and acquired its rival Indian company TaxiForSure in March.

A similar situation exists in China, where Uber has raised investment from search engine giant Baidu. In that country the company's main competitor is Kuaidi Didi, which was formed from the merger of Didi Dache and Kuaidi Dache in February and raised a record-breaking $2 billion from several investors in July.

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• Topics
• South Asia
• Consumer
• Technology
• Expansion
• India
• Tata Capital
• Consumer
• TMT
• Growth capital
• Technology