India President, Amit Jain, said on Friday that the app-based car service would invest $1 billion in India.
Jain, told newsmen in New Delhi that the money would be used to expand and improve operations and develop new products as well as payment solutions
“Uber currently operates in 18 cities in India,’’ he said.
Jain said the company had been reporting 40 per cent month-on-month growth and the proposed investment was also aimed at expanding into new cities.
“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 said.
U.S.-based Uber’s announcement came days after it was reported that domestic Indian company, Ola, its main competitor in the app-based cab business, was in talks to raise 500 million dollars to invest in its India operations.
(NAN)
