India is Uber's second biggest market
after the U.S., according to an e-mail statement from Amit Jain, president at
Uber India.
Jain called India a "global priority
market," for Uber.
It has also been a
contentious region for the company. Last December, service in New Delhi was suspended after a driver was accused of rape. It was
also sued
in the U.S. by a woman who alleges she was raped by a New Delhi driver. In
February, it subsequently rolled out a panic button for its users in India to alert local police in case of an emergency.
In its latest
round of funding, Uber raised
$2.8 billion, valuing the company at $40 billion. (It is reportedly raising
another round of funding, which could value
it at $50 billion.)
This new influx of
funds will be used to further improve its operations in India, launch in new
cities and develop new payment solutions and products.
Uber expects the
investment will contribute to even more rapid growth in the country. It said
it's already seeing 40% growth in India every month.
"We expect to
hit over 1 million trips per day," added Jain.
The investment
should come as no surprise given that the on-demand economy is increasingly
going global.
In the second
quarter of 2015, there were more international financing deals for on-demand
startups than any of the preceding quarters, according to a report from CB Insights. The vast majority of these deals are
going to China and India.
Uber isn't without
competition from other car-hailing services in India. The biggest is Olacabs,
which has raised $810 million, according to the report.
Jain said Uber
sees its biggest growth opportunities in India and China and with its global
carpooling service, uberPool.
"All three
have the ability to significantly improve people's lives, as well as build a
great business," said Jain in the statement.
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