Bigger India
Uber Doubling Down on India Investments After Exiting Southeast Asia
Uber sold its South-east Asia business to bigger local rival Grab, getting a 27.5 per cent stake in Grab, which was last valued at $6 billion in July.
San Francisco-based cab aggregator Uber on Wednesday said it would stay put in India and will step up its investments in the country to take on arch rival Ola. Uber’s new COO Barney Hardford said the Indian market has such a huge potential that the company won’t settle for minority stakes in deals here.
The world’s most valued startup’s comments come in the wake of talks of a merger of its India unit with homegrown rival Ola.