Uber to invest $1B in Indian market

India revoked ban against ride-sharing company last month

Ride-hailing service Uber has announced a $1 billion investment for the Indian market for the next nine months as it hopes to expand services and products, news reports said Friday.

According to Press Trust of India, the head of Uber India, Amit Jain, said the investment will be used to improve operations and establish a better customer support network.

The company had come under fire last year and lost its license to operate in the Indian capital after one of its Delhi drivers was accused of raping a 26-year-old passenger. This ban was revoked in July.

Uber connects travellers with drivers through its smartphone app and is an alternative to traditional taxi services.

“India is one of Uber’s big priorities,” Jain was quoted as saying in a statement, adding that a similar billion-dollar investment was announced for China in June.

Uber also hopes to hit the target of 1 million rides per day in this country of more than 1.2 billion people. The company also plans to expand services outside of 18 cities in India that currently have Uber. This move will make India the largest geographic market for Uber, ahead of the U.S. where the app was founded.

“We are continuing to see a robust 40 per cent growth month-on-month,” Jain said, adding that the company hopes to grow even faster.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.