Times Internet to invest 'under Rs100 cr' in taxi service Uber
23 March 2015
Uber Technologies Inc, the online taxi-hailing firm, has entered into a "strategic partnership" with Times Internet in India, Uber said on Monday.
A spokeswoman for Uber said Times Internet, the digital arm of the Times of India media group, would invest "well under" Rs100 crore ($16 million) in Uber, an estimated $40 billion firm.
"The deal is centred on a commercial marketing arrangement accompanied by a small investment," Uber said in a statement, as it looks to expand operations in its largest market outside the United States.
Under the agreement, Times Internet will work on promotions to increase awareness about Uber and also help the US-based company localise its services for India.
"India is one of our fastest growing markets ... where we are investing heavily in continued growth," Uber's chief executive Travis Kalanick said in the statement.
The deal comes at a time when Uber is battling regulatory ambiguity over how it will continue to operate in India's capital city, where it was banned after one of its drivers was accused of rape in December.
Uber, however, resumed operations in the city after applying for a radio taxi license in January. Its application is still under review. Uber currently offers services in 11 Indian cities including Mumbai.