Uber to Invest $1 bn in India in Next Nine Months
In the coming months, India to receive heavy investments from Uber.
advertisement
Taxi-hailing app Uber will invest $1 billion (about Rs 6,400 crore) in India in the next nine months to expand operations in the country.
We are extremely bullish on the Indian market and see tremendous potential here. India is one of Uber’s big priorities, along with China and uberPOOL... This is why Uber is committing an additional USD 1 billion to India in the next nine months.
— Amit Jain, President of Uber India
Jain said this investment will be used to expand and improve operations, expand into newer cities, develop new products as well as payment solutions, and establish a great support network.
The company has recently expanded its services to seven Indian cities, making it the largest geographical market outside the US.
“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,” he added.
Uber has grown exponentially in India, a global priority market for us, which has also quickly become the largest market geographically for Uber outside the US.
— Amit Jain, President of Uber India
“We are continuing to see robust 40% growth month-on-month and with more investment in product, hiring and payment solutions, we expect to grow at an even faster rate,” he said.
Earlier this month, Uber said it will invest $50 million in Hyderabad over the next five years to establish a facility that will house hundreds of its employees and would be its biggest international office.
The US-based company had signed an agreement with the Telangana government to set up a ‘state-of-the-art facility’ to ramp up its India operations.
Earlier this year, Uber decided to accept cash payments in Hyderabad, a first in its global operations.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)