wordpress blog stats
Connect with us

Hi, what are you looking for?

Uber invests Rs 51.64 crore in India operations: report

Online cab-hailing service Uber has infused Rs 51.64 crore into its India operations, reports VCCircle. This investment took place in May of this year, and was done through Netherlands-based Uber Holdings International BV & Uber International BV and Besitz Holding BV & Mieten BV. The report adds that out of the total investment Rs 45.2 core was directed towards Uber India Systems Pvt. Ltd., and remaining Rs 6.42 crore went to Uber India Technology Pvt. Ltd.

Previous investments in India operations

  • In June last year, when the company had raised $3.5 billion from the Saudi Arabian Public Investment Fund, it had said that the investment is part of the global fund and will be utilised in strategic markets like India.
  • Prior to that, in July 2015, Uber had invested $1 billion into its India operations over a 6-9 months period to improve its operators, expand to other cities, develop new products and payment solutions and set up a better support network.
  • And a month later, in August 2015, Tata Opportunities Fund (TOF) invested an undisclosed amount in Uber to expand its services and solutions in India, by making use of TOF’s network within the Tata Group and outside of it.
  • Last year, between June and September, the company also invested an additional Rs 200 crore in Mumbai-based car leasing firm Xchange Leasing, after investing Rs 43 crore in it between January and March 2016. Uber had partnered with the company to lease cars out to drivers, in December 2015.

State of Uber and Ola drivers in India

In India, drivers have been demanding better incentive structures as their earnings have started falling. The drivers say that they are not able to make their ends meet or pay EMIs for their car loans. In February this year, we saw the first instance where an Ola driver tried to kill himself by consuming poison in a strike in Bangalore. Reduced earnings was the common complaint among drivers MediaNama spoke to across the Delhi-NCR region, Mumbai and Bangalore. More on this here.

You May Also Like

News

Paytm has hived off its payment gateway business into a separate entity, Paytm Payments Gateway Service Pvt Ltd, and has infused ₹100 crore worth...

News

Restaurant aggregator and food delivery company Zomato has raised US$660 million (over ₹4,850 crore), taking its valuation to ₹3.9 billion. CEO Deepinder Goyal tweeted...

News

Cab aggregators such as Ola and Uber will now be able to pocket only 20% of fares as commission. Drivers will receive the lion’s...

News

The Securities and Exchange Board of India (SEBI) will now allow investors to make UPI payments to purchase public issues of debt securities, it...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ