NEW DELHI (Reuters) – Uber (UBER.(N) pinned on the growth of its business over the next ten years in the emerging markets, including India, on Tuesday, in spite of the problems, which has been in business in China and South-east Asia.
Uber’s CEO Dara Khosrowshahi, speaking to the media at an event in New Delhi, India, on October 22, 2019. REUTERS/Anushree Fadnavis
In India, it is a very competitive market, with demanding consumers, but the profitability, the characteristics of” better, Uber’s chief executive, Dara Khosrowshahi told reporters on Tuesday.
“When I look at Uber’s growth over the next 10 years are going to be defined by the market, as well as in India, Africa, the Middle East, more so than in the developed markets of the world, including the united states and Europe,” Khosrowshahi said.
While in the United States, it is Uber’s largest market, is facing stiff competition from local rival, Lyft (LYFT.D).
Uber, which in August reported a second-quarter loss, has not yet said when it expects to make a profit. It has been trying to convince investors that growth will come not only to stage services, but from the logistics and food delivery services.
Last year, Uber said it would increase its investments in India after the divestment of its South-east Asia, Singapore, Suit Holdings. In March, Uber has agreed to purchase the Mid-East region rival Careem.
While Uber is now operating in some 40 cities and towns in india and the country accounts for an estimated 11% of the world’s stages, and it is a struggle to try and grow his food delivery business, in spite of the provision of greater incentives, and in the face of intense competition from the more established local rivals, Zomato, and Swiggy
Asked about the Indian government’s concerns about the switch to ride-sharing companies such as Uber and rival, the Country that caused a decline in the sale of the car, in Khosrowshahi, said that it was the result of a global shift.
“For the newer generation, the dream is not owning a car, and the dream of freedom. In essence, any kind of service on-demand,” he said.
“There it is, the car is the property of a trap is to prevent innovation, … India does not need to be caught up by these devices.”
Report) Aditi Shah; Editing by Alexander Smith