Uber looks to double down on India investment, eyes alliance

US-based cab aggregator Uber on Wednesday said it is open to forming alliances in the Indian market but will not agree to a deal where it ends up with a minority stake.

Uber COO Barney Hardford said the company is "always open to conversations" as India is a core market for the company.

He said the SoftBankbacked entity is also "doubling down" on its investment in the India, pumping in funds to expand its products, partnerships and technology headcount in the country.

"The situation in India is very different from that in South East Asia (where the Grab deal happened). We have clear strengths in the Indian market and see huge potential in the market. We have no interest in doing minority deal going forward and the commitment we have to the Indian market is immense," he said.

There have been reports about Uber and rival Ola joining forces in the Indian market. The speculations got stronger after SoftBank —an investor in Ola — joined Uber as an investor committing over $1 billion.

Apart from India, the two now also compete in the Australian market, with Ola recently launching its services in Perth and Sydney.

According to sources, the two have held multiple rounds of discussions, including one just before Uber CEO Dara Khosrowshahi's visit in February this year but the two parties are yet to strike a deal.

When asked if the companies have indeed held discussions for a potential merger, Hardford declined to comment. "India is absolutely a core market, now and in the future. Uber's success is hard coded to India's success...We are doubling down on our investments in this country like never before," he said but declined to comment on investment details. India is already among the top three markets (besides the US and Latin America) for Uber and accounts for 10 per cent of its trips globally.

The situation in India is very different from that in South East Asia (where the Grab deal happened). We have clear strengths in the Indian market and see huge potential in the market