Technology

Uber rejects claim that it explored exiting India – TechCrunch

Uber said Thursday it had never considered exiting India, a key overseas market for several tech giants, and dismissed a claim it was in talks to sell the local unit.

Bloomberg reported earlier in the day that the San Francisco-based company was exploring the sale of its India business but “had suspended talks after tech startup valuations plummeted.”

In a statement, an Uber spokesman said the news agency’s coverage was “categorically incorrect.”

“We have never tried to leave India – not even for a minute. India is just as important to Uber today as it was when we started nine years ago. We serve drivers and drivers in more than 100 cities, aggressively hiring Indian talent and planning for the next decade and beyond,” the spokesperson added.

Uber, whose shares have fallen like many other tech companies in recent quarters, competes with SoftBank-backed Ola in India. Both Uber and the Bengaluru-headquartered startup, which is valued at about $7.3 billion, claim the tentpole position in the country.

Ola appears to have shifted at least some of its focus from the ride-hailing business to manufacturing and selling electric vehicles in recent years.

Uber CEO Dara Khosrowshahi told employees last month that the company was focused on achieving profitability. The company, which according to a person familiar with the matter in India is not profitable, sold Uber Eats’ Indian unit to food supplier Zomato in early 2020.

An Uber spokesman did not immediately respond to a request for comment on India’s finances.

https://techcrunch.com/2022/06/22/uber-rejects-report-that-it-explored-exiting-india/ Uber rejects claim that it explored exiting India – TechCrunch

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