The companies, however, declined to comment on the amount being invested and the percentage of stake being picked up. TOF is the second Indian entity to invest in Uber after The Times of India group's Times Internet bought a small stake for about Rs 150 crore in the US based company in March.

"Uber's technology continues to transform the way millions of people commute while creating economic opportunities for hundreds of thousands of first time entrepreneurs (drivers and owners), who value the flexibility it offers," TOF Managing Partner Advisory Team India Padmanabh Sinha said.
    
"Tata is synonymous with entrepreneurialism in India and we are incredibly excited to have TOF on board as a partner. Right now, we are focusing on offering a great service, backed by security and easy payment and hassle free payment options,"Uber India Head Amit Jain said.
    
Uber, which launched its services in India less than two years ago, operates its services in 18 Indian cities and has a current base of over 1,50,000 driver partners. It is registering 40 per cent month-on-month growth (in terms of trips taken by customers) and claims to have a market share of over 35 per cent in India.
    
Last month, the company had announced an additional investment of USD 1 billion in India as it targets one million rides a day in 6-9 months.
    
Besides this investment, TOF has till date committed about USD 400 million across companies like Ginger Hotels, Tata Sky, Varroc Engineering, Shriram Properties, Tata Projects and TVS Logistics.

 

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