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Uber adds public transportation services in India

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The Economic Times
22nd October, 2019 13:44 IST

NEW DELHI: Uber Technologies has launched public transport services on its app in India, with Dara Khosrowshahi, the chief executive of the world’s largest mobility company also reiterating the New York Stock Exchange-listed firm’s continued commitment to Asia’s third-largest economy.

At an event held in the city on Tuesday, Uber’s top officials said that the public transport offerings, which have been launched in partnership with the Delhi Metro Rail Corporation, making the Indian capital the second city in the larger Asia Pacific region to have the features, will allow consumers to now access real-time information and end-to-end directions, including fastest and cheapest routes.

Under the partnership, Uber will cover an estimated 210 metro stations across the National Capital Region. Currently, Delhi’s metro network spans over 377 kilometres, with 274 stations, covering the nation’s capital, along with Gurgaon, Faridabad, Ballabhgarh, Noida and Ghaziabad.

The development comes even as Uber continues to fight for dominance for one of the world’s fastest growing internet and consumer markets, with home-grown mobility giant ANI Technologies, which owns and operates ride-hailing app Ola.

While Uber, under Khosrowshahi, has exited a significant number of its markets outside the US, including China, Russia and South-East Asia, even as it looks to cut costs, and move towards profitability, the CEO has said India continues to be a critical market for the company.

“India is a fundamental part of Uber’s growth going forward. It is a very important market for us, a a top-10 market for us. We will continue to invest here…Profitability metrics across our business here are improving,” Khosrowshahi said.

Referring to India as an “innovation gateway” for the company, Khosrowshahi added that growth over the next decade is likely to be defined by markets such as India, Middle East and the African continent, that will outstrip developed regions, such as the United States and Europe.

“Our partnership with the Delhi Metro Rail Corporation is an example of the Indian transportation industry being able to undertake risks and truly innovate… It’s a very competitive market, where consumers are very demanding. They want, both, great prices and great services,” Khosrowshahi said.

Uber, which was valued at $78 billion before its much-vaunted, but highly underwhelming initial public offering earlier this year, has continued to see its stock price trade well below its IPO price. Shares of the San Francisco-headquartered company closed at $31.41, down 2%, Monday on the NYSE.

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