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Uber To Invest $500 Million In India By June 2016
San Francisco based American ride aggregation app Uber plans to invest $500 Million (Rs 3,300 crore) in India by June 2016.
The American company is investing the mammoth sum as it bids to take control of its third largest market from local rival Ola.
A source told ET Auto that that Uber was looking down on its resources in India and that the company still hasn't spent all of the $1 billion it committed to invest into India 9 months ago.
"The plan is to spend each dollar more efficiently than our competitors, and invest in building a team, technology solutions that are India-focused, and quality," the source told ET Auto.
India is Uber's third largest market but the company's founder Travis Kalanick has said that India could surpass both the United States and China to become Uber's largest ever market.
