Uber Doubles Its Investments In India After Exiting Southeast Asia

Share
Uber Doubles Its Investments In India After Exiting Southeast Asia

He pointed out that Uber is in the "investment mode" for the "foreseeable future" in India.

Speaking to PTI, Uber COO Barney Hardford said the company is "always open to conversations" as India is a core market for the SoftBank-backed entity."The situation in India is very different from that in South East Asia (where the Grab deal happened)".

"The recent merger. has freed up resources which we are going to invest across people, products and partnerships to better serve this country", Harford told reporters in New Delhi. It is not clear whether the Japanese investor plans to spur consolidation in India as well. On reports of a possible deal with Ola, Harford said while the company is open to discussions, there is no interest in doing a minority stake deal in India.

A day after cab aggregator Uber announced that it will be "doubling down" on its investments in India, the company indicated that it will not be spreading its operations thin and wide in India but will rather deepen its operations in the existing cities.

"We are doubling down on our investments in this country like never before".

India accounts for more than 10 percent of Uber rides globally and the United States company has a more than 35 percent share of the taxi market there, according to Counterpoint Research, but it is yet to make money in the country.

Uber today released a report it commissioned through Boston Consulting Group that states congestion costs in four Indian cities - Delhi, Mumbai, Kolkata and Bengaluru - were estimated to be Dollars 22 billion per year.

Uber also released on Wednesday a report by Boston Consulting Group "Unlocking Cities: The impact of ridesharing across India".

The ride hailing app operates in about 30 Indian cities while its Indian competitor Ola has services in 110 cities. Over 79% of the people who plan on buying a new auto in the next five years would refrain from doing so if ride-sharing matches vehicle ownership for affordability and convenience.

Closer home, we continue to be at the forefront when it comes to unlocking the true potential of ride sharing for India. The report estimates that ride-sharing could reduce number of private cars by 33-68 per cent."By reducing private cars, increasing vehicle utilisation, improving public transport adoption, and optimising infrastructure planning, ridesharing could reduce congestion by 17-31 per cent", the report said. "On-demand ride sharing is a practical way to reduce no of private vehicles on the road and reduce congestion", Subudhi said.

Share

Advertisement

Related Posts

TCS Q4 net profit up 4.4 per cent at Rs 6904 crore
In terms of markets, Continental Europe and United Kingdom turned out to be big growth contributors in the fourth quarter. With cross-currency tailwinds of 110 basis points, it expects dollar revenue growth of 3.3 per cent QoQ.

Two Trailers for 'The Equalizer 2' Again Featuring Denzel Washington
This trailer reveals the onscreen death of one of the characters from the first film, so if you're trying to stay unspoiled I may suggest skipping it.

CALIFORNIA REVOLT: Governor Says Troops WON'T ENFORCE 'Border Laws'
"The crime rate in California is high enough, and the Federal Government will not be paying for Governor Brown's charade". Brown's office said Wednesday that the previous contract was unnecessary after he secured federal funding for his goals.

Time Warner Inc (TWX) Trimmed to "Hold" at Pivotal Research
Norinchukin Bank The increased Salesforce Com Inc (NYSE:CRM) stake by 4,043 shares to 54,862 valued at $5.61 million in 2017Q4. Oz Management Lp increased Tesla Inc (Prn) stake by 17.61 million shares to 91.51 million valued at $98.85M in 2017Q4.

84.9% Of SunTrust Banks, Inc. (STI) Is Owned By Hedge Funds
Since October 20, 2017 according to StockzIntelligence Inc SunTrust Banks has 30 analyst reports. (NYSE:STI) has performed -3.21%. Nomura Asset Mngmt holds 0.06% or 83,207 shares in its portfolio. (NYSE:STI) for 4,519 shares. (NYSE:STI).

Robert De Niro: 'People have to speak up against President Trump'
A screenshot of a Reuters video showing Tribeca Film Festival co-founder Jane Rosenthal (left) speaking during an interview. The 17th annual Tribeca Film Festival opened Wednesday with pugnacious political words from Robert De Niro .

Stryker Co. (NYSE:SYK) VP Sells 3848 Shares of Stock
The medical technology company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.01. JPMorgan Chase raised shares of Stryker from a neutral rating to an overweight rating in a report on Tuesday, January 2nd.

Vetr Downgrades Tesla (TSLA) to Hold
In other Tesla news, VP John Douglas Field sold 1,000 shares of the firm's stock in a transaction on Thursday, February 15th. The stock has been moved at -16.33% over the last six months and -2.30% throughout last twelve months. (NASDAQ: TSLA ).

Metal fatigue eyed in Southwest engine failure
As the plane ascended past 32,000 feet elevation, the left engine failed and parts of it flew off, shattering a window in row 14. An engine failure on a Southwest Airlines plane turned an unremarkable trip to Dallas into a disaster on Tuesday.

Today Analysts Focus on Altaba Inc. (AABA), Delta Air Lines, Inc. (DAL)
The stock of Union Pacific Corporation (NYSE:UNP) earned "Hold" rating by RBC Capital Markets on Thursday, November 9. Goldman Sachs Group Inc decreased Delta Air Lines Inc Del (Call) ( DAL ) stake by 7.1% reported in 2017Q4 SEC filing.

© 2015 ExpressNewsline. All Rights reserved.