Ride-hailing giant Uber Technologies Inc is “doubling down” on its investments in India, one of its biggest markets, after its recent exit from Southeast Asia, its chief operating officer said on Wednesday.
India accounts for more than 10 percent of Uber rides globally and the US company has a more than 35 percent share of the taxi market there, according to Counterpoint Research, but it is yet to make money in the country.
COO Barney Harford said investments in India are made using funds from profitable markets. However, the sale in March of Uber's business in Southeast Asia to Singapore's Grab Holdings, in exchange for a 27.5 percent 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 market for the San Francisco-based company.
Harford did not say how much Uber is likely to invest in India but said it would “considerably expand” its technology resources to develop products for India and the world.