Google former has started vehicle project is becoming a more autonomous business by bringing it in its first investors besides its corporate parent. Waymo has secured $ 2.25 billion (roughly Rs 16,460 crores) from a group of investors led by Silver Lake and the Canadian Pension Plan Investment Board to help the company continue to develop its self-driving technology for its ride-hailing service and a recently launched trucking division. Other investors in the deal have announced include Mubadala Investment Company, auto part makers Magna International, venture capital firm Andreessen Horowitz and AutoNation, the largest auto dealership chain in the US. Waymo had been exclusively relying on the deep pockets of its parent company and Alphabet which is also contributing to the $ 2.25 billion investment. New investors invest fusion of money marks Waymo’s biggest step yet toward eventually spinning out of Alphabet. Eventually happens once its self-driving car technology becomes advanced enough to begin generating significant revenue. Waymo is only operating small ride-hailing services in the Phoenix area but it still plans to branch out into other parts of the US and eventually international too.
Read EquityPandit’s Nifty Outlook for the Week