India to get big chunk of $3.5 bn raised by Uber from Saudi SWF
Uber has raised $3.5 billion from Saudi Arabia’s sovereign wealth fund, valuing the company at $62.5 billion and making it one of the most highly valued venture capital-backed companies globally.
“A substantial portion will be for India. We have grown exponentially over the last two years and remain bullish on the Indian market where we continue to register remarkable growth,” Uber India President Amit Jain said. It is a global fund and will be used for strategic investments in global priority markets like India, he added. “With this investment, we have more than $11 billion in our war chest to invest in our product and markets to grow and compete,” Jain said.
In July last year, Uber had announced an investment of $1 billion in India to expand its services in India. It has also set up a response and support centre in Hyderabad with an investment of $50 million.