Uber invests $1 billion in India
See the original posting on The Verge
Uber today announced a $1 billion investment in India, as the taxi-hailing app looks to expand in its largest market outside of the US. In an email statement, Uber said its India business is currently growing at a 40 percent rate, month-over-month, and it expects to grow even faster with today’s investment. The company will invest $1 billion over the next nine months to expand operations, enter new cities, and develop new products.
“We are extremely bullish on the Indian market and see tremendous potential here,” Amit Jain, president of Uber India, said in a statement. “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,” Jain added.