Uber confirms investment from KWAP

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KUCHING: Uber Technologies Inc yesterday confirmed that it received an investment from Kumpulan Wang Persaraan (Diperbadankan), Malaysia’s public-sector pension fund. The investment is KWAP’s first direct investment in a foreign company.

Travis Kalanick, Uber’s CEO and Co-Founder said, “We are delighted that KWAP of Malaysia, one of the biggest pension funds in Southeast Asia, is investing in Uber. Malaysia has demonstrated its forward-looking position in embracing new technology to help solve transportation challenges and create more economic opportunities.”

Commenting on the investment, Datuk Wan Kamaruzaman Wan Ahmad, Chief Executive Officer of KWAP, said, “We are excited to make Uber our first direct investment in a foreign company. This is part of our efforts to become a diversified global investor. Uber is an exciting company that is changing the way the world moves, and we believe ridesharing has huge potential to transform the future of mobility.”

Uber launched in Malaysia in January 2014 and currently operates in Kuala Lumpur, Johor Bahru, Penang, Ipoh, Kota Kinabalu and Kuching. It has helped give hundreds of thousands of Malaysians another choice to earn money as well travel safely and reliably at the push of a button.

Uber operates in more than 400 cities worldwide, including six in Malaysia (Kuala Lumpur, Penang, Johor Bahru, Ipoh, Kota Kinabalu and Kuching). Globally, more than five million trips occur every day, on average, supplied by over 1.5 million active driver-partners.