Report says Uber planning to invest $1 billion in India, targeting 1 million rides a day

According to a latest report from Financial Times, Uber is planning to invest a whopping $1 billion in India with an aim to up its ridership to as much as 1 million per day. The start-up is currently estimated to provide around 200,000 daily rides in the country. In India, Uber currently operates in around 18 cities. To achieve the aforementioned target, the report says, the company will not only have to expand its footprint in the Asian country, but also boost its investment in product, hiring, and payment. It is expected that a major chunk of the investment will be used to further expand the subsidies Uber offers to attract first time passengers and new drivers. The report comes just a few weeks after a court in India revoked a government ban imposed on the online taxi firm that restricted it to operate in the country's capital of New Delhi. Via 1 | Via...