Uber to invest $ 1 billion in India over 9 months

Uber is planning to expand its business in India with an investment of US$ 1 billion over nine months. The company is of the opinion that online ride hailing is likely to grow at a fast pace in the country. India has become the largest market geographically for Uber outside the US.

The investment will be used to improve operations, expand into newer cities, and develop new products and payment solutions. It will support 2,00,000 more jobs.

The San Francisco-based company is taking this step to try and compete with its rival, OLA. At present, Uber operates in 18 cities in India, while OLA is present in more than 100.

Earlier this month, Uber had said that it was 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.

Source: Fortune