Uber to invest Rs 6400 crore in India in next 9 months

Uber stated that this transfer would assist its service attain 1 million every day rides by March 2016, the primary time the corporate has set such goal for India, FT stated. To better compete with its closest rival Ola, Uber today announced that it plans on investing $1 billion or Rs 6,400 crore in the country in the coming nine months.

“Uber has grown exponentially in India, a global priority market for us, which has also quickly become the largest market geographically for Uber outside the U.S.”, Amit Jain, President of Uber India said in a statement.

Uber Technologies Inc [UBER.UL] will invest $1 billion in India in the next nine months as the online ride hailing company is bullish on the Indian market.

The investment will go towards improving operations, expanding into new cities and developing new products and payment solutions, according to the company.

Uber, which is now growing at a whopping 40 percent monthly, is expecting faster growth after the investment, Jain added.

The company has faced regulatory roadblocks in India, particularly in Delhi where it and services like it were banned in December after a woman said she was raped by a driver booked through the Uber app. The driver denies wrongdoing and is now on trial. A court granted Uber interim relief from the ban earlier this month while it applies for a license to operate in the city. Over the last 20 months, it has expanded to 18 cities in the country, and introduced cash payments that are popular in the country, and uberAuto, a service that offers rides on India’s ubiquitous three-wheeler autorickshaws.