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Uber to invest $1 billion in India

Staff writer |
Uber Technologies will invest $1 billion in India in the next nine months, as it looks to expand its services in its biggest market outside the United States.

Uber said it would use the additional investment to improve operations, expand beyond the 18 Indian cities where it now operates, and develop new products and payment solutions.

"We are extremely bullish on the Indian market and see tremendous potential here," Amit Jain, president of Uber India said in a statement.

"Uber has grown exponentially in India."

Uber said India and China are its priority markets. It had said last month that it would invest more than $1 billion in China this year as it looks to rev up growth in the world's second largest economy.

Uber operates in 57 countries, with an estimated value of more than $40 billion. But it has tangled with transport authorities across the globe, along with attorneys seeking to deem Uber drivers as employees entitled to benefits.

The company said it aimed to attain 1 million rides daily in India within six to nine months. An industry source said, Reuters report, that Uber now records 200,000 trips daily.

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