KUALA LUMPUR: Kumpulan Wang Persaraan (Diperbadankan) or KWAP and Uber Technologies Inc confirmed an investment of US$30 million (RM123.3 million) by the country’s public-sector pension fund into the ride-sharing service start-up. 

“KWAP is investing US$30 million in Uber’s G series preferred stock,” KWAP chief investment officer Datuk Wan Kamaruzaman Wan Ahmad (pic) said when contacted by The Edge Financial Daily.    

Uber said in a statement yesterday that it had received an investment from KWAP, adding that this was the fund’s first direct investment in a foreign company.

The statement confirmed a Reuters report on Sept 21 that KWAP had invested in Uber and was looking to pump more money into technology firms. 

A financing round earlier this year valued Uber at US$62.5 billion.  

Uber however did not disclose the amount that KWAP had poured into the ride-sharing service provider in yesterday’s statement.  

“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,” said Travis Kalanick, Uber’s CEO and co-founder in the statement. 

The statement also quoted Wan Kamaruzaman as saying: “We are excited to make Uber our first direct investment in a foreign company. This is part of our effort 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.”

Uber launched in Malaysia in January 2014 and currently operates in Kuala Lumpur, Johor Bahru, Penang, Ipoh, Kota Kinabalu and Kuching. 

According to Uber, on average, more than five million trips occur globally every day, supplied by over 1.5 million active driver-partners. 

KWAP has RM120 billion under management.