Indian business giant Tata is investing up to $100 million in ride hailing app Uber as it plans to develop new products and services in India, its biggest market outside of the U.S.
The investment came from Tata Opportunities Fund (TOF), the private equity fund advised by Tata Capital, the group's financial services arm. The exact investment was not disclosed but was between $80 million and $100 million, according to sources close to the deal.
Uber has been making a big push into Asia and the latest partnership comes after the San Francisco-based company said last month that it would pour $1 billion into expansion in India. The taxi firm said this would see it hit 1 million daily rides by March 2016.
The exact terms of the partnership with Tata was not made clear but is expected to focus on the development of new products and solutions, according to a person familiar with the matter who asked not to be named because of the sensitive nature of the deal. The money would not only be used in India but globally, the source added.