India: Uber says no merger with Ola

Uber co-founder and CEO Travis Kalanick on Thursday ruled out a merger with rival domestic on-demand technology-enabled taxi services company, Ola, and said his company was in India for the ride.

“Although we are losing to Ola here in India, I do not forsee a merger with the company. We are in India for the long haul and will continue to invest and innovate to work towards a profitable future,” Kalanick told Niti Aayog CEO Amitabh Kant, when asked about Uber’s merger with Didi in China.

Kant and Kalanick were in conversation at the US India Business council-facilitated dialogue on the future of mobility in urban India.

“Uber was losing $200 million in China every month and hence it was tactful to go for a merger with Didi,” Kalanick said. He quipped that he was ready to become an Indian citizen if that would give the company a local image.

Uber sold off its China business to Didi in August this year. While Uber was last valued at $68 billion, after the deal Didi had a valuation of $35 billion.

“If we are to succeed in India, then we have to work towards being a firm for local people. It was one of the most important lessons we learnt from China,” Kalanick said.

Full Content: Hindustan Times

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