December 8, 2022

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Uber refutes reviews of firm’s plans to exit India

Responding to a report by Bloomberg claiming Uber had mentioned shutting store in India, an organization spokesperson has vocally and categorically denied any such intentions.

In a press release, Uber spokesperson Ruchica Tomar stated, “Bloomberg’s reporting is categorically false and that they’ve by no means explored exiting India — not even for a minute. India is as essential to Uber as we speak because it was once we launched 9 years in the past. We’re serving riders and drivers throughout greater than 100 cities, hiring Indian expertise aggressively, and planning for the subsequent decade and past.”

Uber’s shares have been on a downward course since 2019. In accordance with Bloomberg’s report, the corporate had come to grasp the restricted potential for development in India and had explored a number of choices, together with a sale, however didn’t go forward with plans as tech startup valuations began to plummet in India. Uber continues to be one of many market leaders for trip hailing in India, competing Mainly with SoftBank-backed Ola cabs, and a more recent startup InDriver.

Off late although, and specifically publish pandemic, each Uber and Ola have seen a major discount within the variety of drivers that work with them. With pandemic enforced lockdowns shutting store for many of them, lots of these driver companions have offered off their autos or have surrendered to banks attributable to incapacity to repay loans. Uber and Ola, primarily based on a number of buyer accounts, are unable to service even their most profitable markets — Delhi and Bangalore — effectively.

It’s noteworthy that Uber’s meals supply arm, Uber Eats, was acquired by Zomato Ltd. in 2020, a deal which gave Uber a stake in Zomato.

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