Ride-hailing giant Uber today announced that it has received investment from a rather surprising investor — Kumpulan Wang Persaraan (Diperbadankan) or KWAP, Malaysia’s public-sector pension fund.
The amount of the investment was undisclosed, and it marks the pension fund’s first direct investment in a foreign company.
According to Dato’ Wan Kamaruzaman Bin Wan Ahmad, CEO of KWAP, the investment was part of the institution’s effort to become a diversified global investor.
“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 ride-sharing has huge potential to transform the future of mobility,” he said in a press statement.
Uber CEO and Co-Founder Travis Kalanick praised KWAP’s move towards investing in technology.
“Malaysia has demonstrated its forward-looking position in embracing new technology to help solve transportation challenges and create more economic opportunities,” said Kalanick.
In Malaysia, Uber was launched in January 2014 and currently operates in Kuala Lumpur, Johor Bahru, Penang, Ipoh, Kota Kinabalu and Kuching.
Recently, Uber’s greatest competitor in Southeast Asia, Grab, announced that it has secured a US$750 million of Series F round to bring greater focus in Indonesian market.