Uber India raises 'between $75m and $100m'
Ride-hailing service aims to grow to accommodate 1m rides per month in the country
Uber is hoping to accommodate more than 1m rides per month in India on the back of fresh investment the company’s India arm has received from Tata Opportunities Fund.
The hope is that Uber would reach its target within the next six to nine months, according to India president Amit Jain, who spoke to Reuters.
According to Reuters sources, the company is currently accommodating around 200,000 rides per month in India. Uber’s modern service has struggled with some of the business realities on the ground in the country. For example, its reach was initially limited by the fact that it requires a credit or debit card with which to pay for rides. However, large chunks of the population do not own payment cards, using cash only, leading the company to accept cash payments in India earlier this year.
While the investment that Uber has received from Tata Opportunities Fund, a Reuters source said that it amounted to somewhere in between $75m to $100m.
Globally, Uber is valued at around $51bn, following its last round of funding.