Millennium Post

Times Internet picks up small stake in Uber for Rs150 cr

Times Internet picks up small stake in Uber for Rs150 cr
Uber Technologies Inc on Monday said the digital arm of the Times of India Group has taken a small stake for about Rs 150 crore in the US-based taxi hailing service provider as part of a strategic marketing arrangement.

Times Internet, the wholly-owned subsidiary of Bennett, Coleman & Company, is the digital arm of the Times of India Group.

The deal comes months after Uber was banned after a rider, in December, alleged that she was raped by a Uber driver. It resumed operations in January after applying for a radio taxi licence. “The deal is worth Rs 150 crore. This strategic marketing arrangement with Times Internet is to support Uber’s expansion in India,” an Uber spokesperson said.

There is great synergy between the businesses; Times Internet and Uber will partner in bringing Uber’s technology, innovation, and entrepreneurial opportunity to millions of Indians, the spokesperson added. “The investment is in Uber (global). We are not able to share details on the structure,” the spokesperson said.

The deal with Times Internet is centred around a commercial marketing arrangement accompanied by a small investment, Uber said in a statement.

PTI

PTI

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