Uber announced a fresh investment of $1 billion (Rs 6,400 crore) into its India operations. In less than two years of its foray into the country, India has become the largest market outside the US for the San Francisco-headquartered taxi aggregator.
Amit Jain, president of Uber India, said the company was extremely bullish on the Indian market and saw tremendous potential here. “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,” Jain told Satyameva Jayate.
Jain added with the additional investment and month-on-month growth of about 40 per cent, 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.
A week earlier, 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.