Russian Billionaire Makes $200 Million Investment in Uber

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Russian Billionaire Makes $200 Million Investment in Uber

Russian extremely rich person Mikhail Fridman’s LetterOne speculation vehicle said on Friday it had made a $200 million (generally Rs. 1,361 crores) interest in US ride-hailing administration supplier Uber Technologies Inc.
It didn’t indicate when it purchased the shares or what stake it had obtained in the firm, which has already raised more than $5 billion (generally Rs. 34,039 crores) in a few financing rounds.
“We trust that Uber’s very gifted administration group has the fundamental vision and aptitudes to incorporate the organization with one of the world’s pre-prominent innovation organizations,” Fridman, who is the administrator of LetterOne, said.
In January, Russian media reported that another Russian big shot, Alisher Usmanov, had contributed a few a huge number of dollars in Uber in the late spring of 2015.
A week ago, Uber consented to pay $28.5 million to settle prosecution brought by clients who asserted the ride hailing administration distorted the nature of its security hones and the expenses it charged travelers, the organization said on Thursday.
The two proposed legal claims said Uber charged travelers a “Sheltered Rides Fee” of as much as $2.30 per outing to bolster its “industry driving historical verification process.” However, Uber does not utilize unique mark distinguishing proof which is required by taxi controllers, court filings said.
The cases, recorded in a Northern California government court, were acquired after head prosecutors Los Angeles and San Francisco made comparative affirmations in partitioned 2014 suit. Uber asked a San Francisco state judge to reject a large portion of that claim, saying the prosecutors are despicably looking for “a huge number of dollars” in punishments and compensation.

© Thomson Reuters 2016

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