Uber Doubles Its Investments In India After Exiting Southeast Asia

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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.

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