The investment would be used to expand and improve operations, expand into newer cities, develop new products as well as payment solutions, and establish a great support network.
Taxi-hailing app Uber, which has been embroiled in repeated controversies in India over alleged misconduct by its drivers with women passengers, on Friday said it will invest US $1 billion in the country as it targets one million rides a day in 6-9 months.
The proposed investment to expand and improve operations also comes at a time when US-based Uber is facing stiff competition in India from local rivals, including Ola, which has got iconic industrialist Ratan Tata as an investor.
"We are extremely bullish on the Indian market and see tremendous potential here. India is one of Uber's big priorities, along with China and uberPOOL... This is why Uber is committing an additional US $1 billion (about Rs 6,400 crore) to India in the next nine months," Uber India President Amit Jain said.
The investment would be used to expand and improve operations, expand into newer cities, develop new products as well as payment solutions, and establish a great support network, he said in a statement.
"With this investment and the strong rate of growth we are seeing, we expect to hit over 1 million trips per day in the next six to nine months," he noted.
According to him, India has also become the largest market geographically for Uber outside the US.
However, Uber has been grappling with controversies in recent times. Last December, it faced a temporary ban in the wake of a woman passenger alleging rape by one of its driver.
Recently, there was another allegation of sexual misconduct by an Uber driver.
"We are continuing to see robust 40% growth month-on-month and with more investment in product, hiring, and payment solutions, we expect to grow at an even faster rate," Jain said.
Earlier this month, Uber said it would invest US $50 million in Hyderabad over the next five years to establish a facility that would be its biggest international office.
The company has recently expanded its services to seven Indian cities, making it the largest geographical market outside the US.
Earlier this year, Uber decided to accept cash payments in Hyderabad, a first in its global operations.
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