Uber’s founder Travis Kalanick believes that the Indian market could surpass either the US or China, for Uber. The company has already committed a $1 Bn investment in India in July 2015.
However, according to a statement given to business daily, the company has not utilised all the cash from the first $1 Bn commitment. “The plan is to spend each dollar more efficiently than our competitors, and invest in building a team, technology solutions that are India-focussed, and quality”, added a senior Uber executive.
Uber entered the Indian market in 2013. Since then, it has slashed prices, introduced low-cost services, tweaked business models and even accepted cash payments to get accepted in the Indian market. It has managed to mark its presence in the country and make it the largest market outside the US.
Investments Committed By Uber In India
Uber has committed several investments in the Indian states. But there is no concrete lay down to measure the utilisation of the funds.
March 2016: Uber To Invest $17.7 Mn