Uber Technologies Inc. will invest “upwards of” $50 million in a new center in the southern Indian city of Hyderabad over the next five years, the California ridesharing company said in a statement Monday.
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The new office – reportedly its largest outside the US – will house hundreds of employees, the San Francisco-based company said in a statement.
Set to be the company’s biggest facility outside of the U.S, the investment planned by Uber Technologies Inc.in Hyderabad will give rise to thousands of jobs and entrepreneurial opportunities.
Last week, Uber launched its operations in seven cities, its biggest ever simultaneous expansion, taking the total number of cities in India on its network to 18.
Uber’s South African office on Monday asked Johannesburg police to protect drivers and passengers from intimidation and violence instigated by increasingly raging taxi drivers. “The state-of-the-facility, largest one outside the USA, will handle our core operations”. Road Transport Authority (RTA) in Hyderabad hasn’t given authorization to Uber to offer their services in Hyderabad, after the unfortunate incident in December previous year.
When asked about the legal sanctions, Jayesh Ranjan, IT Secretary, said that the MoU was expected to give authorisation to the company if it followed Government of India regulations. The facility aimed at creating thousands of jobs and entrepreneurship opportunities, fostering technical innovation and research into smart city initiatives. The company also plans to work with the government to develop a new regulatory framework for on-demand transportation technology aggregator services.
The most fascinating part of this whole MoU is that, as per Central Government notification, Uber is banned in Hyderabad.
Analysts predict that Uber’s next round of funding will value the company at $50 billion, which puts it in the running for most valuable venture-funded start-up in history.
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These announcements come even as the cab aggregator has been implementing its first cash payment experiment globally in the city since April.
