Uber, the popular ride-hailing service is set to spread its wings wider in China as it gears up to expand to another 100 cities in the country.
Uber -- which has often been controversy's favorite child -- is targeting 100 more cities in the region by 2016. The information comes straight from the horse's mouth i.e. CEO Travis Kalanick who spilled the beans at the Baidu World conference in Beijing on Tuesday, Sept. 8.
The revelation from Kalanick comes at a time when Uber is looking to increase its foothold in Asian markets by putting in more resources, specifically with an eye on India and China. The current goal is double the previous target which Uber Technologies set itself barely three months ago.
Currently, Uber is operating in nearly 20 Chinese cities and is vying with local ride services for the market share. Uber accounts for nearly a million rides each day and has been instrumental in creating 100,000 jobs.
Uber's market share in China has also seen an upswing from a mere percent in beginning 2015.
"When we started this year, we were about one percent market share. Today, nine months later, we're looking at about 30 to 35 percent market share," divulged Kalanick.
The company's main competitor in China is local operator Didi Kuaidi, which is currently dominating the ride-hailing service space in the country. The company has backing from Tencent and Alibaba, the top Internet firms in the country.
Uber too is not far behind in the race and has partnered with Baidu, which will give the service access to the Chinese company's mapping technology.
Kalanick's announcement comes a day after he revealed that Uber's Chinese unit had managed to raise $1.2 billion during fundraising. By comparison, rival Didi Kuaidi is believed to have raised $3 billion.
With app-based cab services battling it out for the market share, consumers in China are benefitting thanks to the subsidized rates being offered to lure more passengers. This transport market in China which is hinged on Internet links for apps, is poised to become not only the biggest but also the most lucrative in the near term.
