Times Internet & Uber Enter Into Strategic Partnership For Commercial Marketing
Times Internet, the digital arm of the Times of India Group, today announced that they have forged a strategic partnership with Uber that will facilitate Uber’s expansion in India. Interestingly, the PR sent to us has mentioned that “The deal is centered around a commercial marketing arrangement accompanied by a small investment.”
Although the amount of investment is not disclosed, according to Economic Times report, the investment is roughly pegged at Rs. 150 Crore or USD 25 Million.
From what we can say, the deal seems to be a long-term advertising deal where Uber can capitalize on publications under Times Internet umbrella. The ET report also states that the deal also involves a “a small equity component and is part of Times Internet’s strategy to team up with technology companies looking to succeed in India”
Times Internet has already forged number of partnerships over last 18 months with various national and international web publications including Huffington Post, Gizmodo, Lifehacker, Business Insider and others.
With this strategic investment, Uber will be able to effectively reach out their targeted audiences who frequent these Times Internet publications. And, this is not the first time that Uber is having such arrangements with local partners. They have earlier forged similar partnerships with Baidu in China, AmericaMovil in Latin America and American Express in the US.
For Uber, India is their second fastest growing country in terms of size. They also operate in maximum number of cities in India after US. India is a very important market for them, and recently they have been rough weather since the infamous rape incident occurred at the start of the year. Having a strategic partnership with Times Internet will allow them to have a strong local ally, which they need desperately in such times.
Satyan Gajwani, CEO of Times Internet, said, “Having spent time with Travis and the Uber team, we are delighted to partner with the fastest growing company in the world, to help bring affordable, convenient, and safe transportation to every consumer in India, while developing a real spirit of micro-entrepreneurialism for thousands of drivers. Times Global Partners is a platform we established to help the best companies in the world succeed in India, and we’re confident that together, we can improve lives and create jobs for millions of Indians.”
With this deal, Uber is sure to get a strong support to fight Ola, who recently acquired TaxiForSure for $200 million and now claim to have over 80 percent Indian market in this space.