Uber plans to raise USD 2.1 billion for investment in India and China

Uber plans to raise USD 2.1 billion for investment in India and China
Uber plans to raise USD 2.1 billion for investment in India and China

New York: App-based taxi aggregator Uber is looking to raise $2.1 billion in a fundraising round led by tiger global and other investors, valuing the company at $62.5 billion.

The funds raised will be used primarily for investments in India and China, according to people aware of the development. Sources said that next round of investment for India will be announced early next year. US-based Uber in July this year had announced to invest USD 1 billion (about Rs 6,400 crore) in India in nine months to expands operations in the country.

Interestingly, Tiger Global is also an investor in Ola, which competes with Uber in India. According to sources, Uber has filed paperwork in Delaware giving details about the fundraising wherein the company said it plans to raise $2.1 billion from investors including Tiger Global, which will be investing in the company for the first time.

Ola, America’s lyft and Malaysia cab grab taxi have joined hands to compete with Uber. Accordingly, these four companies will provide taxi service to customers through a single app.Meanwhile, Ola has linked a pact with global peers- Lyft and Grab Taxi that will allow users of these ride sharing apps to seamlessly travel across India, China, the US and Southeast Asia.

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