India one of our healthiest markets, says Uber CEO

India one of our healthiest markets, says Uber CEO

Uber Chief Executive Officer Dara Khosrowshahi is committed to investing further in the Indian market, but is also keeping a sharp eye on "eventual profitability", as the US-based cab aggregator ramps up operations in the country.

Khosrowshahi said that India is already among the top three markets (besides the US and Latin America) for Uber, and accounts for 10% of its trips globally.

"I can tell you that India is a key component of our growth plan. In fact, it is one of our healthiest markets in terms of growth rates. We have over three lakh active drivers, and we currently do over 10 million weekly trips. We think, we can increase that by 5X or 10X, over the next 10 years," he said.

Khosrowshahi emphasised that this expansion will require investment, "but as you mature, you also want to combine that investment with eventual profitability".

"We think, we're on a good road there, we just don't have a specific timeline in mind (for hitting profits). If anything, we're leaning forward in India," he said, adding that the company is confident about its competitive position in the country.

Uber has been pumping in substantial funds to fuel its growth in India. In 2015, it announced an investment of $1 billion in the country to expand its services. It has also set up a response and support centre in Hyderabad, with an investment of $50 million.

Asked about a merger with Ola on the cards, Khosrowshahi said the company will "look at any deals that can add value to its partners and shareholders, but we believe in controlling our own destiny in India".

There have been reports about Uber and Ola joining forces in India. The speculations have gotten stronger after SoftBank - an investor in Ola - joined Uber as an investor, committing over $1 billion. Apart from India, the two now compete in Australia, with Ola recently launching its services in Perth and Sydney.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry