Uber, one of the most valuable Indian companies, has raised an undisclosed amount of funds in a new round led by Flipkarts founder and co-founder Sachin Bansal.
The funds will help fund the development of a new, fully automated platform to serve Uber drivers in the country.
Bansal will work with a team of eight to manage the platform and will work alongside a number of leading technology companies including Google, Facebook and Alibaba.
Banks and corporates have been exploring how to leverage technology to drive more business, but have been wary of Uber’s high-risk, high-reward approach.
Flipkars platform has attracted attention for its ability to process transactions in seconds, making it the fastest and cheapest way to process payments in India.
Bannedal said Uber’s technology will help it to meet the needs of its drivers.
He said the company is looking at a range of payment solutions.
“Our technology is an advanced way to deliver services to a wider range of customers.
It is a solution that will help Uber fulfill its ambitions to make India one of India’s fastest growing markets,” Bansal said.”
Our platform will allow Uber to connect the drivers with their customers in real-time, without having to rely on third-party services or other intermediaries.
It will also make it possible for Uber drivers to pay for their Uber rides in cash, making the transaction more secure and secure for the customer.””
We believe that our new platform will have a strong presence in the market and will be a great fit for Uber.
We are confident in the strength of our business model and are looking forward to working with the team of Flipkards to build this new platform,” Bansala added.
Uber said it has been looking for funding for more than a decade.
Last year, it raised $1 billion from Google, Alibaba, Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Andreessen.