Uber to in­vest US$1 bil­lion in ex­pan­sion into In­dia

The China Post - - MARKET -

Con­tro­ver­sial app-based taxi-hail­ing firm Uber plans to in­vest US$1 bil­lion in In­dia over the next nine months, the com­pany’s lo­cal head said in a state­ment emailed to AFP on Fri­day.

Uber has en­dured a bumpy ride since it started op­er­at­ing in In­dia two years ago, with a rape al­le­ga­tion against one of its driv­ers lead­ing the New Delhi gov­ern­ment to ban it.

But Uber In­dia pres­i­dent Amit Jain said the com­pany was record­ing growth of 40 per­cent month-on-month in its big­gest mar­ket out­side of the United States.

“We are ex­tremely bullish on the In­dian mar­ket and see tremen­dous po­ten­tial here. This is why Uber is com­mit­ting an ad­di­tional US$1 bil­lion to In­dia in the next nine months,” he said.

“With this in­vest­ment and the strong rate of growth we are see­ing, we ex­pect to hit over one mil­lion trips per day in the next six to nine months,” Jain added.

He said In­dia was a “global pri­or­ity” for Uber and that ser­vices would be ex­panded into new cities as it bids with lo­cal startup Ola Cabs for a larger share of the coun­try’s boom­ing taxi-hail­ing mar­ket.

Uber, which con­nects pas­sen­gers to driv­ers through a smart­phone app, has ex­panded rapidly world­wide in re­cent years de­spite fac­ing hur­dles from reg­u­la­tors in many coun­tries and protests from tra­di­tional taxi ser­vices.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.