Uber denies India exit claim – Meczyki.Net

Uber on Thursday said it has never explored an exit from India, a key overseas market for many tech giants, rejecting claims that it has discussed selling the local unit.

bloomberg informed of Earlier in the day the San Francisco-headquartered firm explored selling the India business, but “suspended discussions after tech startup valuations.”

In a statement, an Uber spokesperson said the news outlet’s reporting was “clearly false.”

“We never looked to exit India – not even for a minute. India is as important to Uber today as it was when we launched nine years ago. We serve riders and drivers in over 100 cities aggressively recruiting Indian talent, and planning for the next decade and beyond,” the spokesperson said.

Uber, whose shares have fallen in recent quarters like many other tech firms, competes with SoftBank-backed Ola in India. Uber and the Bengaluru-headquartered startup, which is worth around $7.3 billion, claim tentpole status in the country.

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

Uber Chief Executive Dara Khosrowshahi told the employees Last month that firm focused on reaching profitability. The firm, which is not profitable in India, sold the Indian unit of Uber Eats to food delivery firm Zomato in early 2020, according to a person familiar with the matter.

An Uber spokesperson did not immediately respond to a request for comment about India’s financial situation.