Uber Targets Indian Expansion with $1bn Investment

Taxi app Uber is aiming to invest an incredible $1 billion in order to expand its business in India as it continues on its mission to dominate the taxi industry around the globe.

The US-born company is looking to use the money in order to expand its cab-hailing service into new cities and invest in new products and payment options. This latest billion dollar investment follows Uber’s decision in June to invest the same amount in China.

Uber has attracted controversy all over the world, particularly in India. Earlier this year, the platform was banned in the country after rape accusations against one of its drivers and was asked to halt operations. Uber since applied for new licenses in New Delhi and other cities but continued its operations while these approvals were pending.

This new investment will, according to the Financial Times, see Uber reach one million daily journeys in India over the next nine months, a considerable increase on its current number of 200,000 per day.

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