The speculations got stronger after Japan’s SoftBank — an investor in Ola — joined Uber as an investor committing over $1 billion.
Online cab aggregator Uber on Wednesday said that it is doubling its investment in the Indian market by pumping in funds to expand its products, partnerships and technology headcount in the country. “India is absolutely a core market, now and in the future. Uber’s success is hard coded to India’s success.We are doubling our investments in this country like never before,” Barney Harford, COO, Uber, said. Harford added that the company’s recent deal with Grab in South East Asia has freed up resources to up in its investment in India. He also reiterated that while the company is open to discussions, there is no interest in doing a minority stake deal in India.
“SouthEast Asia is a very different market when compared with India. While we are open to talks in India we have a leadership position, so we are not interested in any minority stake deal in India or any other market,” Harford added.
In the recent past, there have been several reports about Uber and rival Ola joining forces in the Indian market. The speculations got stronger after Japan’s SoftBank — an investor in Ola — joined Uber as an investor committing over $1 billion. Apart from India, the two now also compete in the Australian market with Ola recently launching its services in Perth and Sydney.
According to sources, the two companies are believed to have held multiple rounds of discussions, including one just before Khosrowshahi’s visit in February this year but the two parties are yet to strike a deal. After exiting SouthEast Asia besides India, Uber is operational in markets including the US, Europe, parts of Latin America and the Middle East. Currently more than 30% of all Uber trips are pool trip. Uber claims that globally it generates 15 million rides