Uber is betting $1 billion to expand in India
Uber has big plans for India — specifically, $1 billion worth. The taxi-hailing company announced last night that it would make the investment to expand its ridership in India to 1 million rides per day by 2016. Currently, estimates put Uber at around 200,00 daily rides in India, according to the Financial Times. Just like it has in the US and other markets, the company likely aims to use the funding to entice both drivers and riders to join its service. It also helps Uber compete against local competition — in India’s case, that’s Ola, which has already raised $400 million on its own. Uber’s Indian investment is on par with the $1 billion it plans to spend in China this year. Uber has also had to deal with controversy in India: A sexual assault by a driver last year led to New Delhi temporarily banning the service, forcing Uber to launch a panic button allowing riders to get help from local authorities.
[Photo credit: AP Photo/Saurabh Das]
Filed under: Transportation
Source: Financial Times
AIVAnet 