Uber to invest $1 bn in India; targets 1 million riders a day
Author: Siladitya Ray - Published 2015-07-31 11:26App based taxi aggregator Uber has plans to invest $1 billion into a major initiative in India to target 1 million rides per day by March 2016. The news comes in a few days after it was reported that local rival Ola is in talks to raise $500 million.
This move would likely result in the expansion of the company's service beyond the 18 cities it currently covers in the country and bring in more investment in product, hiring and payment. Much of Uber’s investment is also expected to go toward expanding the subsidies it offers to lure new passengers and drivers to the platform.