LetterOne Funds Uber with USD200 million

Luxembourg: Based in Luxembourg, LetterOne (L1), the international investment business has confirmed that it has invested USD200 million in Uber as a part of Strategic Investment plan. The LetterOne supports various emerging markets across the globe with consumer knowledge and unparalleled local understanding. The company invests in several businesses as its long term strategic plans.

According to the chairman of L1, Mikhail Fridman, Uber’s talented management team possess required skill and vision to craft the company into one of the leading technology business in the world.

As a part of its strategic plan, the L1 intends to invest USD2 to USD3 billion in the late-stage technology growth opportunities globally. The company has indicated a time frame of a couple of years for this investment. Moreover, the company intends technology investment worth USD100-500 million and is looking for strategic partnerships.

The L1 Technology's Managing Partner, Alexey Reznikovich, stated that “We have access to considerable funds, and are looking at opportunities of a certain size and certain stage. Digitalisation is creating opportunities globally for new digital businesses to provide innovative forms of customer orientated services, and for existing businesses, and for many sectors, to reinvent themselves”.

The recent report published by TechSci Research, “United States Radio Taxi Services Market Forecast and Opportunities, 2021”, depicts that the radio taxi services market in the United States is forecast to grow at CAGR of about 6.6%, in value terms, during 2016 -2021. The radio taxi services market in the United States is dominated by Uber Cabs in 2015. L1’s investment in Uber will enable the radio taxi giant to increase its market share in the United States Radio Taxi Services Market.lu