Ride hailing giant Uber invested $247 million into its business, according to data intelligence platform paper.vc. The investment which was approved on October 29, around the time Uber CEO Dara Khosrowshahi visited India.
Uber recently moved its Indian ride sharing and UberEats business to an India entity – Uber India System Pvt.. Ltd. the investment came from its parent company’s Netherland’s entity.
“This is the single largest foreign direct investment by Uber into its Indian operations and follows the transfer of its Indian business from a Dutch entity to an Indian entity. We estimate that a large part of its allocation would go to Eats business, therefore posing a direct challenge to other food delivery companies such as Swiggy and Zomato,” said Vivek Durai, co-founder, paper.vc.
Uber CEO Dara Khosrowshahi visited India in October to launch its public transport feature in Delhi. With this, India’s national capital became the ninth city in the world and the first in Asia, to get the feature.
Khosrowshahi launched the feature in partnership with the Delhi Metro Rail Corporation. The feature allows the users to check the schedules for the Delhi Metro, based on pricing as well as timing.