Won’t get into a minority deal, says Uber
New Delhi, April 18: 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.
Speaking to PTI, Uber COO Barney Harford said the company is “always open to conversations” as India is a core market for the SoftBank- backed entity.
“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.
He added that Uber is “doubling down” on its investment in the Indian market, pumping in funds to expand its products, partnerships and technology headcount in the country.
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.
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, Mr Harford declined to comment.