Uber to invest $50 million in India

Taxi aggregator Uber, is set to invest a sum of $50 million (Rs. 317 crore approximately) over the next five years in India. This is a part of the $1 billion investment that the company was planning for India and China.

The San Francisco-based company is planning to set up a new facility in Hyderabad. The new facility is expected to be its largest outside the US and will house around 500 employees.

The company has signed a memorandum of understanding (MoU) with the Government of Telangana to create jobs and entrepreneurship opportunities. It is collaborating with Telangana Academy for Skills and Knowledge to train 2,000 candidates by the end of 2016. These candidates will then become Uber cab drivers.

Uber claims that its vehicle finance programme and technology platform will help first-time vehicle ownership and provide economic opportunities for its trained candidates. The company also plans to work with the government to develop a new regulatory framework for on-demand transportation technology aggregator services.

Uber's services are available in 18 cities in India.