Uber, a taxi-hailing app, has committed Rs. 6400 Crore ($1 Billion) investment in India, over the nine months. This news came immediately in few days after Ola’s commitment to raise $500 million.
The India President of San Francisco based $ 50 billion valued start-up, Amit Jain, says that the funds will allow Uber to develop new products, payment options and spread out its operations in newer cities. Further he added that they will established good public-private partnerships and support network.
Growing at 40% month-on-month, Uber plans to reach over one million trips daily in the next 6-9 months and support jobs over 200000 by 2016 in India.
In 2015, Uber is further expected to raise $1 billion even in China to expand operations.
Ola, Uber’s major rival has taken a different approach by concentrating and increasing its presence in small cities and towns, whereas, Uber is concentrating on going deeper into the existing markets.
By the end of 2016, Uber will train more than 2000 drivers by partnering with Telangana government. It has plans to invest around $50 million in South.
Having a run rate of $250 million in India, with rides around 200000 a day, Uber has drastically grown to have presence in 18 cities since 2013.
Reference link: https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/uber-to-invest-1-billion-in-india-over-nine-months/48290434