Times Internet picks up INR 150 Crore stake in Cab Service Uber

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New Delhi, March 23 : Uber Technologies Inc today 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. India was not the only country that had banned Uber. The  anti-uber backlash due to non compliance was spreading across the world.

“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 told PTI.

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.

This is the largest partnership to date for Times Global Partners to support emerging global digital companies’ entrance into India, the statement said.

Previously, Times Global Partners had partnered with the Huffington Post, Business Insider, Gawker Media and Ziff Davis, along with others.

India is the second-largest and fastest growing market for Uber globally and the company is investing significant resources into this market’s continued growth, Uber Technologies Chief Executive Officer Travis Kalanick said.

“Marketing and distribution are a key part of our strategy for success in India and there is no better partner and platform for this than Times Internet with its print, radio, OOH, and digital marketing platforms that reach over 200 million Indians,” he added.

Uber has similar global partnerships with Baidu in China, AmericaMovil in Latin America and American Express in the US. Uber at present operates in 11 cities in India –- Jaipur, Ahmedabad, Bangalore, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi and Pune. After its latest round of funding in last December, Uber was valued more than $40 billion.

(Image Credits: www.taxoport.com)

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