Uber investing $1 billion in India, targets 1 million daily rides

Uber Technologies expects to hit over 1 million trips per day in the next six to nine months in India, the largest market outside the U.S. for the ride-hailing company.

The company said Friday it was making a new investment of US$ 1 billion in the country over the next nine months. The money will be spent on expanding and improving operations, including into more cities, developing new products and payment methods, and to establish a “great support network,” Amit Jain, president of Uber India, said in a statement.

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

In India, Uber is up against the country’s largest player Ola, run by ANI Technologies, which acquired a smaller operator TaxiForSure in March for $ 200 million.

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