Uber invests $1 billion in India to expand services
After Paytm and BCCI deal, taxi-hailing app, Uber has announced a $1 billion investment in India as it plans to expand its services in the country. The company will invest $1 billion over the next nine months to enter new cities, and develop new products.
In a statement to ET, Amit Jain, the India President for San Francisco-based startup said
“The investment will help Uber expand operations to new cities and develop new products and payment solutions”
he further added,
“With this investment and the strong rate of growth we are seeing, we expect to hit over 1 million trips per day in the next six to nine months”
Uber rolled out operations in India in 2013 in Bangalore. Within 20 months it had launched UberGO, uberAUTO and cash payments for Indian market. Uber competes with SoftBank-backed Ola which is in talks to raise atleast $500 million shortly.
The company aims to create 200,000 new jobs in India by 2016, including 50,000 new jobs for Indian women by 2020.
Akash Boaz
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