Uber yet to start making money in India: CEO Khosrowshahi

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"Whatever buzz there is or not, I am the CEO and consider India a core market for us, so that's simple", said Khosrowshahi, a featured speaker at the ET GBS that starts Friday. "There are developed markets.we are going to continue to invest and they are going to be more profitable.and we should actively be investing in markets like India and Latin America that have huge growth ahead of us", he said as he was asked repeatedly about how the company was going to pare losses.

Uber will invest aggressively in Southeast Asia, said its CEO Dara Khosrowshahi during a trip to the region.

"We have been growing very fast for the last couple of years".

Later, talking to students at IIT Delhi, he said India will be the largest development center for Uber outside San Francisco in the near future."And we will be hiring", he said to loud cheers from the crowd. Think of Uber and we can see how it has transitioned from a cab hailing company to a mobility solutions provider, offering bicycles, motorcycles and autos.

He said that while developed markets like the United States will continue to get investments and will be profitable there is a need to actively invest in markets like India and Latin America, too, because of the sheer size.

On local competition from Ola, Khosrowshahi admitted, "It is a constant battle with Ola on a day-to-day basis".

"People 10-15 years from now.they are not going to buy their own cars". "I think five years hence we'll still be in the Indian market". SoftBank also has a stake in Singapore-based Grab.

Uber is still expecting to lose money in the region initially. Khosrowshahi's comments on Wednesday appear to contradict that view.

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The Indian market, Khosrowshahi said, is demanding in terms of pricing and if Uber was to succeed here, it can shape products globally.

At the Niti Aayog event, he said immigration was at the core of the US success story, criticising US President Donald Trump for wanting to restrict the flow of people. Ola does 1 billion rides annually, compared to Uber, which announced in mid-2017 that it completed 500 million total rides in the country in its first four years of operations.

Uber, which has a valuation of around $68 billion, is already running a freight logistics business in the U.S. and wants to test out autonomous trucks soon for the same. We will partner with other players and have already announced one with Toyota in terms of developing their autonomous concept with our software.

Khosrowshahi said that he wants to tap all customers boarding and de-boarding transporation systems such as railways or ferrys and later expand to flying cars.

Uber and many other companies are working on electric-powered, flying vehicles that could carry passengers autonomously between landing pads, circumventing traffic jams.

On rumours of a merger between Ola and Uber, Khosrowshahi said: "Who knows, we might acquire our competitor".

Khosrowshahi, who took the helm in August after former CEO Travis Kalanick was asked to step down amid a litany of regulatory problems, driver and consumer scandals and court cases, has pledged to make a clean break with past practices that have lead to accusations of a toxic work culture. He said this opened up significant partnership opportunities with Alphabet and Google, with which he had good relations in his earlier role as CEO of Expedia.

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