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Uber to invest $1 billion in India over nine months

Taxi-hailing app Uber has committed $1 billion (Rs 6,400 crore) in investment in India over the next nine months, just days after ET broke the news that rival Ola is in talks to raise at least $500 million.

Tags: Uber

BY Indian Retailer Bureau  |  Jul 31, 2015  |  comments ( 0 )  | 
 Uber to invest $1 billion in India over nine months

Taxi-hailing app Uber has committed $1 billion (Rs 6,400 crore) in investment in India over the next nine months, just days after ET broke the news that rival Ola is in talks to raise at least $500 million.

The investment will help Uber expand operations to new cities and develop new products and payment solutions, said Amit Jain, the India president for the San Francisco-based startup that is valued at an estimated $50 billion.

"We will be establishing a great support network and public-private partnerships," Jain, who joined Uber from Rent-.com in the US, told ET.

Uber has grown swiftly in India since its launch in Bengaluru in 2013 and is now present in 18 cities. Only in the US does it operate in more cities.

"Uber is currently at a $250-million run rate in India, with close to 200,000 rides a day," said an industry source who did not want to be identified.





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