Uber has confirmed that it has received a direct investment from the Kumpulan Wang Persaraan (KWAP). According to some, the investment could be as high as $30 million (about RM123 million); a substantial sum for the fund’s first foreign company investment.
The KWAP is the retirement fund for the public sector, which generally covers civil servants and government employees. It functions in the same manner as the Kumpulan Simpanan Wang Perkerja, or KWSP.
Dato’ Wan Kamaruzaman Bin 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 has been receiving encouraging news from its Malaysian business, with the company’s operations set to be officially legalised by the end of the year. While there is some concern from observers about whether the incoming regulations will affect its ability to attract new drivers, Uber itself has not commented on the issue.
Travis Kalanick, Uber’s CEO and Co-Founder commented on the investment, saying, “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.”
KWAP is not the only Malaysian company to invest in Uber. It was earlier revealed that Khazanah Nasional Berhad invested in the ride-sharing company back in 2015.