Uber is spending $1 billion on its India operations
Uber is going to open its impressive war chest in Asia’s third largest economy.
On July 30, the San Francisco-headquartered taxi-hailing app announced that it will invest a staggering $1 billion (Rs 6,400 crore) to scale up operations in India, one of the company’s fastest growing markets globally. Uber wants to clock one million trips daily by 2016 in India, five times its current 200,000, and take on its homegrown rival Ola, which operates four times as many rides daily.
“We are extremely bullish on the Indian market and see tremendous potential here,” Amit Jain, president of Uber India, said in a statement.
Much of the funds will be used to improve operations, expand into new cities, and develop new products and payment solutions, the statement said. The investment – the first of its kind from Uber in India – comes nearly two years after the $50 billion startup set up its business in the country.