Uber today announced a $1 billion investment in India, as the taxi-hailing app looks to expand in its largest market outside of the US. In an email statement, Uber said its India business is currently growing at a 40 percent rate, month-over-month, and it expects to grow even faster with today's investment. The company will invest $1 billion over the next nine months to expand operations, enter new cities, and develop new products.
"We are extremely bullish on the Indian market and see tremendous potential here," Amit Jain, president of Uber India, 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," Jain added.
Uber launched in India in 2013, and has since expanded to 18 cities. The San Francisco-based company has also launched dedicated products for the Indian market, including new payment options and low-cost ride services. Uber came under fire from Indian authorities late last year, after a female passenger was allegedly raped by one of the company's drivers, and was temporarily banned by the Delhi government. Earlier this year, Uber launched an "SOS" button that allows users to immediately contact the police in the event of an emergency.
The company aims to create 200,000 new jobs in India by 2016, including 50,000 new jobs for Indian women by 2020.