Hyderabad: Taxi-hailing company Uber on Tuesday entered into a memorandum of understanding (MoU) with T-Hub, the start-up incubator promoted by Telangana government to help mentor start-ups.
The MoU is part of Uber’s start-up initiative in India called UberExchange.
T-Hub will be leveraging expertise in shortlisting 20 start-ups through both Uber and T-Hub’s existing network.
T-Hub will invite start-ups to apply for the UberExchange programme through an online application process and shall encourage participation and representation from start-ups across the country.
UberExchange is part of Uber’s mission to create a start-up ecosystem in partnership with Invest India, the Indian government’s investment promotion and facilitation agency.
As part of UberExchange, global leaders at Uber will be conducting mentorship sessions with select Indian start-ups across different categories over the year.
The sessions will culminate in a finale with Uber shortlisting 10 start-up finalists who will be flown to San Francisco to meet Uber’s senior leadership and be introduced to potential investors.
“We have built a very successful, great business here in India and the governments have been incredibly generous to us. We feel that as any good company, we will give back to the people that helped make you successful,” said Eric Alexander, head of business, Uber Asia
Uber didn’t rule out the possibility of funding the start-ups—but said it’s first priority is to fund its own business from the capital it raises.
Alexander said in three years of operations in India, Uber had added 400,000 drivers on its platform and employs about 2,000 people at its facility in Hyderabad, which rider and driver support.