The company had come under fire last year and lost its license to operate in the Indian capital after one of its Delhi drivers was accused of raping a 26-year-old passenger. This ban was revoked earlier this month. Uber connects travelers with drivers through its smartphone app and is an alternative to traditional taxi services.
"India is one of Uber's big priorities," Jain was quoted as saying in a statement, adding that a similar billion-dollar investment was announced for China in June. Uber has websites for services in Bangalore and New Delhi.
Uber also hopes to hit the target of 1 million rides per day in this country of more than 1.2 billion people. The company also plans to expand services outside of 18 cities in India that currently have Uber. This move will make India the largest geographic market for Uber, ahead of the U.S. where the app was founded.
"We are continuing to see a robust 40 percent growth month-on-month," Jain said adding that the company hopes to grow even faster. According to CNN, Jain said that Uber "expect[s] to hit over 1 million trips per day" in India and is already growing 40 percent in India every month.
The AP contributed to this report.