Uber Invests Heavily in India
Cernescu Andrei / 2 years ago
American international transportation network company Uber established a presence in India in 2013, and it has been expanding gradually to 18 of its cities since. Recently, Uber announced that it plans to invest no less than $1 billion in India, and the investment will be done gradually over the next nine months in order to ensure the development of new products and the expansion into new cities.
Aside from its renowned taxi hailing app, the company also launched a few other products on the Indian market, such as low-cost ride services and new payment options. However, Uber’s presence in the country was not exactly an event-free one, as the firm was criticized heavily by the local authorities after a female passenger was allegedly raped by a driver. As a result, Uber’s services were banned temporarily by the Delhi government, and the brand implemented a special “SOS” button for its vehicles that allows passengers to call for help in the event of an assault.
Regarding the new investment, the president of Uber India, Amit Jain, stated the following:
“We are extremely bullish on the Indian market and see tremendous potential here. 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.”
Thank you TheVerge for providing us with this information.