Jul 6, 2015

Uber signed MoU with Telangana, to invest $50 mn in Hyderabad

uber hyderabad telangana mou


Uber the global transportation network company, on Monday announced a $50 million investment here to set up a facility which will be the biggest outside its headquarters in the US. The state-of-the-art facility to be established over the next five years will house hundreds of new employees.

Investment
 "The investment will be into Uber's core business -- a new green field project which we are going to set up here. It will make Hyderabad the largest Uber office in the world outside the US," Sidharth Shanker, general manager of Uber Hyderabad operations, told reporters after signing a Memorandum of Understanding (MoU) with the Telangana government. The facility will support Uber's operations across the country, he said. This will be Uber's biggest investment in India. This is also its first of its kind agreement with any state government. "Hyderabad was always the preferred choice. The style of life, the progressive government and deep talent pool were the key factors that influenced the decision," Sidharth said.

Uber in Hyderabad
The company, which launched its operations in Hyderabad 16 months ago, already has thousands of partners. In April, Hyderabad was chosen over 320 other cities as the location for Uber's global-first cash payment experiment. Last week, Uber launched its operations in seven cities taking the total number of cities in India on its network to 18.

MoU
The first-of-its-kind MoU between the Government of Telangana and Uber will include the following areas:

a) Job Creation
Uber to leverage the unique model of our platform to create unrivalled entrepreneurship opportunities and support tens of thousands of middle class jobs in the state of Telangana.

Uber to partner with the government to create socio-economic opportunities for women and people from resource poor sections of society. Uber will collaborate with The Telangana Academy for Skills and Knowledge (TASK) to identify and train 2000+ candidates by the end of 2016 who will then drive on the Uber platform.

Uber's Vehicle Finance program and technology platform will facilitate first-time vehicle ownership and provide unrivalled economic opportunities for the successful candidates from the TASK program

b) Investment in Hyderabad
Uber will invest upwards of USD 50 million into Hyderabad to establish a state-of-the-art facility that will house hundreds of new employees.

c) Future-Ready Policy
Uber teams will work closely with the government to develop a new framework to be executed in the next four weeks for on-demand transportation technology aggregator services that are bringing unprecedented benefits to urban transportation and the lives of thousands of drivers.
Smart Cities

Uber has always been deeply committed to enhancing people’s lives by revolutionizing urban mobility. Our vision for the City of the Future is one where a city like Hyderabad has fewer cars on the road than it does today leading to roads that are safer and have less congestion and pollution.

Uber to engage with T-Hub and the government and explore synergies to foster the smart cities initiative and technological innovation in the city using big data analysis


Tags: Uber, Hyderabad, Telangana, Thub, MoU, India, Taxi, Investment, business model,

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