Online taxi-hailing service Uber India will be one of the biggest beneficiaries of the whopping $3.5 billion that Uber Technologies has received $3.5 billion from Saudi Arabia’s Public Investment Fund, part of a $5 billion round, the biggest-ever single funding amount raised. Post the fund-raising, Uber’s valuation stands close to $68 billion, a Wall Street Journal reports. For its Indian wing, this investment means more firepower to overtake Ola (ANI Technologies) in the Indian market.
Talking to Business Insider, Jain mentioned that India is a strategic market for Uber globally and the 2nd largest market outside US and China. He said, “Our commitment to India is absolute. We’ll do whatever it takes to invest, grow and win in India. The $3.5 billion we’ve raised is a good testament to the strength of our business globally. We’ll continue to invest, and do whatever it takes to ensure India remains a priority for Uber globally.”
Uber currently has a war chest of $11 billion. “Additional funds will be deployed in the recent future for Uber’s operational growth in India”, Jain said. The money will go into customizing Uber’s product for the Indian market, some of which has already been announced including payment through cash, app customization for driver partners for low and no network areas and so on.
India is one of the most important markets for Uber. It’s currently present in 461 cities globally, after US and China. The importance of India is only likely to increase for Uber this year. The company has recently launched an Engineering Centre in Bengaluru, and a Centre of Excellence in Hyderabad employing as many as 2,000 people.
(Image: Indiatimes)