Taxi service app Uber will be investing up to $1 billion within the next six to nine months in order to compete with its rival Ola.
Amit Jain, President of Uber for India, claimed that India had become ‘the largest market for Uber outside the US’ and the increase in investment would be geared at ‘improving operations, rolling out new products and expand to more cities’.
Uber has now started accepting cash payments, a first for Uber worldwide, in a few cities across India. And now that the dust is settled over the rape case, Uber is focusing on ramping up its operations in India (it is already present in 18 cities).
Competition, Ola previously acquired Bangalore based service TaxiForSure for $200 million, bolstering its fleet of cars to cater to increased demand. Ola has been diversifying (or losing focus?) into several new categories like Ola Store, Ola Bus, which might give Uber an opportunity to go deep in the core category and win more customers.