After collaborating with Uber, Tata Motors now plans to associate with US-based taxi hailing app Lyft. The company has invested $25 million in the taxi app Lyft. This association was the second investment in the fast growing ride-share segment by Tata Motors. The company has invested in Lyft through Tata Opportunity Fund.
Apart from this association, Tata group’s former chairman, Ratan Tata has invested in homegrown taxi app operator Ola. While collaborating with Uber, Tata Motors agreed to provide Indica and Indigo cars to latter drivers at discounted rates as well as avail loans at low rates from Tata Motors Finance.
The company has directed the investment in Lyft through its In-Motion Ventures arm. Under the terms and conditions, Jaguar Land Rover (JLR) will provide convoy of vehicles to Lyft drivers and allow the company to test their autonomous cars on the Lyft company’s network. Foreign media reports, Lyft as No. 2 company in the US market with the valuation of $7.5 billion standing below the leader Uber.
Sebastian Peck, MD of In- Motion Ventures said that this association with Lyft will help them developing innovative solutions to the transport problems which customer faces.