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Uber invests Rs 43 crore in Mumbai- based Xchange Leasing

14 Jun. 16, BENGALURU: US Based cab aggregator, Uber invests about Rs. 43 crore on Xchange, a Mumbai-based car leasing firm.

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The partnership with Xchange Leasing started when Uber launched its car leasing programme for its drivers, in December last year. But, media reports suggest that Uber’s director of financial reporting, Joshua James Waldron joined Xchange Leasing India’s board on November 7.

Leasing is not new to Uber: it had started its leasing program globally in 2013 in partnership with General Motors and Toyota Motor, amongst others. Last Month,Toyota Motors had invested in Uber and had stated that it will offer leases to Uber drivers. It will let the drivers make payments with money they earn.

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Uber was founded in 2009 by Garrett Camp and Travis Kalanick. Headquartered in San Francisco, Uber began its operations in India in the year 2014 and is operated by Uber Technologies Inc.

The company has raised 9 billion USD after 14 rounds of funding and with as many as 54 investors.

In March 2015, Uber acquired deCarta for an unknown price to improve the navigation system.

Uber initially began its operations in in 2009 within local limits. By 2012, the company expanded its business international market. Uber currently operates in 60 countries and approximately 400 cities worldwide.

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