Uber is ‘doubling down’ on its investments in India
New Delhi — Ride-hailing giant Uber is "doubling down" on its investments in India, one of its biggest markets, after its recent exit from Southeast Asia, its chief operating officer Barney Harford said on Wednesday. India accounts for more than 10% of Uber rides globally and the US company has a more than 35% share of the taxi market there, according to Counterpoint Research, but it is yet to make money in the country. Harford said investments in India were made using funds from profitable markets. However, the sale of Uber’s business in Southeast Asia to Singapore’s Grab Holdings in March, in exchange for a 27.5% stake, has given Uber more firepower to compete with its Indian rival Ola. "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. "We are doubling down on our investments in this country like never before," he said, adding that India was a core ...
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