Uber Dismisses Reports of its Exit from India

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Latest Startup News- Entrepreneurs of India

US-based cab-hailing platform Uber denied the reports stating its exit from Indian market. The Uber officials in India tagged the reports as “baseless speculation”.

Reports about Uber’s shut down in India were doing rounds on social media a few days ago.

“Our business in India is stronger than ever and we are 100% committed to serving our riders and driver partners in India,” said an Uber official in a statement.

The reports of Uber’s exit came after Softbank, one of the Uber’s largest stakeholder, said the cab-hailing company will focus on US and Europe and stop its service from unprofitable countries across the globe. The SoftBank presently owns 15% share in Uber.

“An exit from the Indian market seems impossible since there are global rollouts of the company’s products being tested in the Indian market and Uber India has also made a return to focusing on the auto segment,” said an Uber employee.  

Uber has been adopting scores of strategies to keep the company in a profitable domain under the new CEO Dara Khosrowshahi.

On the other hand, the reports of a possible Uber-OLA merger is doing rounds in startup world.

 

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