Uber Is Set To Become Profitable In India, Says CEO
He said that the company is in investment mode but still its unit economics has improved dramatically in the last few quarters
Pradeep Parameswaran, regional general manager for Asia-Pacific, reportedly, said that Uber is set for its India business to become a fast-growing and profitable one soon. According to his statement, the company is seeking outcome-focused regulation from the government, including reviewing some state-specific rules such as need for printers and physical meters in taxis.
Uber Twitter handle
"India is a long-term investment market for us. We are nearly 1000 engineers in India building for the world. We have a large business presence and have a very competitive market position against a pretty fierce local competitor. While the company was still in an investment mode, but our unit economics has improved dramatically in the last few quarters. So, I feel very, very good about where we are on that journey. And over time, I have no doubt that India will be a high growth market which will also be profitable, it is a steady march. I don't have exact timeline on when we will be profitable in India. But I'd say it's not that far away," said Parameswaran in a statement, during an interaction with media at the company's office.
Mike Orgill, senior director, public policy and government relations, APAC at Uber, in a news report was quoted as saying, "Code on social security is a great example of where a policy decision was made very quickly. However, the challenge now is getting the implementation done. Not every country has figured out the issue of gig work and treatment, India has a real opportunity to lead the world on this.
Responding to the issue of driver cancellation complaints, Parameswaran said that, "India is among the most challenged markets in the world in terms of service denial currently because of reasons such as no upfront destination information, digital payment trips and increase in fuel prices. But we are hopeful that within the next few months service quality will change dramatically."
As per a new market study report, Uber unblocked an estimated INR 44,600 crore in economic value for the Indian economy.
