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Tata Signs $160 Million Deal to Sell Cars to Uber Drivers in India
Tata Group has agreed to provide as many as 20,000 cars and special flexible financing to drivers for ride-hailing service Uber Technologies Inc., which operates in 18 Indian cities.
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Tata Group has agreed to provide as many as 20,000 cars and special flexible financing to drivers for ride-hailing service Uber Technologies Inc., which operates in 18 Indian cities.
Uber drivers will be able to choose between Tata’s Indica 463,000-rupee ($6,900) supermini or 557,000-rupee ($8,300) Indigo small sedan. Both cars are popular among taxi operators in India. Tata also will offer car insurance for the drivers.
The plan is intended to foster entrepreneurial drivers who otherwise would lack access to formal financing with which to buy a vehicle and begin working with Uber. Tata launched the program earlier this week in Hyderabad and expects to expand into several other Indian markets. The company, which launched its service in the country two years ago, says it has more than 150,000 drivers.
The program strengthens previous ties between Tata and Uber. The carmaker’s Tata Opportunities Fund says it made an undisclosed “significant” investment in Uber last year, marking the fund’s first stake in a global company headquartered outside India.
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