Just a day after the high court went to strike against taxi aggregators for illegally running in the national capital despite the ban against them, Uber declared a fresh investment of $1 billion into its India operations.
Within a couple of years of its entry in India, the country has become the largest market outside the US for the San Francisco-headquartered taxi aggregator.
Amit Jain, president of Uber India, is of the opinion that India is a an extremely fertile market for Uber. “We’re committing an additional $1 billion to India in the next six to nine months, so that we can expand and improve our operations, grow into newer cities, develop new products as well as payment solutions, and establish a great support network,” he stated.
Jain added with the additional investment and month-on-month growth of about 40%, the company expected to record about one million trips a day in the next six to nine months. It also hopes to help support about 200,000 jobs, essentially drivers, on its India network. According to industry estimates, Uber has 50,000 drivers and undertakes about 200,000 trips a day. Its revenue run rate stands at about $250 million, reports Business Standard.
During the first week of July, the company made an announcement of investing $50 million in building its largest international facility centre in Hyderabad. Following that, just a week ago the company said it had started operations in seven additional cities, raising the overall count to 18. This made its India operations larger than those in China, Germany and the UK.Category Investments